Company Updates

Woodside buys Cairn Energy’s stake in Sangomar

08/09/2020 Posted by Dale

Woodside has entered into a binding sale and purchase agreement to acquire Cairn’s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.

Australia's largest independent energy company announced that while the sale was subject to regular approval from the Senegal government and Cairn shareholders, the company had exercised its pre-emptive rights and completion was targeted for the fourth quarter of this year.

Thereafter, Woodside’s equity interest is set to increase to approximately 68.33% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain the operator.

On 17 August Woodside blocked the sale of Cairn’s stake in RSSD to Russian energy company Lukoil.

Equinor signs on for DUG McCloud expertise

04/09/2020 Posted by Dale

High-performance computing experts DUG Technology and Norwegian energy giant Equinor have signed a multi-year deal covering seismic processing and imaging technology.

Under the deal, Equinor will replace existing third-party technology with an integrated solution using DUG McCloud, an innovative platform that allows clients to mix and match DUG's high-performance computing as a service (HPCaaS), seismic processing and imaging (P&I) services, and the DUG Insight geoscience software.

DUG Managing Director Matthew Lamont said the team at Equinor thoroughly evaluated every aspect of the DUG McCloud platform.

“We demonstrated that the ease of use, effectiveness and productivity of DUG Insight within the McCloud environment have the potential to provide short and long-term benefits, not to mention saving considerable money along the way,” Dr Lamont said.

Shearwater GeoServices announces 3D seismic acquisition agreement with ION

04/09/2020 Posted by Dale

Shearwater GeoServices has announced a new 3D seismic acquisition award for ION Geophysical’s UK Mid North Sea High (“MNSH”) program.

The Amazon Warrior will spend approximately one and a half months acquiring the initial phase of the MNSH 3D survey in Q3 2020 under an agreement that provides Shearwater a commercial interest and revenue sharing mechanism.

This survey is part of a larger program proposed by ION to be acquired 2020-2021. The agreement also establishes a framework for the use of Shearwater’s vessels for ION 3D multiclient projects with conditional links to potential upcoming projects.

“ION is pleased to collaborate with Shearwater on the MNSH 3D multi-client program,” stated Chris Usher, ION’s President and Chief Executive Officer. “Sh

Sercel delivers first WiNG to Turkey

04/09/2020 Posted by Dale

Sercel announced that it has completed its first delivery of WiNG, its next-generation wireless land nodal acquisition system. Turkish Petroleum International Company (TPIC), a long-standing Sercel client, has selected a WiNG system for upcoming seismic acquisition projects in difficult-to-access mountainous areas of Turkey.

WiNG meets TPIC’s requirements for optimal operational efficiency and delivery of the highest-quality seismic data to the processing centre. This is achieved through the combined benefits of WiNG’s System-Certified Data concept and the proven high performance of Sercel’s QuietSeis®, the industry’s only third-generation MEMS sensor.

WiNG delivers System-Certified Data thanks to its Data Completion Manager (DCM), a unique central software platform that significantly improves and automates the assignment of data collected in the field.

Seabird revenue soars from Ocean Bottom Node activity

01/09/2020 Posted by Dale

Norwegian seismic company Seabird has posted third-quarter results revealing a 196% increase in revenues year-over-year to $16 million, up from $5.4 million a year ago.

In the third quarter of 2019, however, Seabird’s losses dipped to $5 million, compared to a loss of $4,6 million in the corresponding period a year earlier.

The company had five vessels in operation during the quarter, representing 68% fleet utilisation, contrasting with three vessels on projects (55% utilisation) in the second quarter of 2018.

Seabird said day rates had increased 30% year-on-year and it expected rising demand in OBN seismic in the fourth quarter of this year.

CGG adds second Azimuth to Northern Viking Graben Survey

01/09/2020 Posted by Dale

CGG has announced the commencement of a new multi-client 3D survey in the Northern North Sea. The survey will provide a second azimuth over CGG’s existing Northern Viking Graben (NVG) multi-client 3D survey and extend into open acreage on offer in the UK 32nd License Round.

The new survey will acquire approximately 2,000 sq km of additional data in an E-W direction. This new data will be processed together with the existing N-S data, using CGG’s latest velocity modelling and imaging technology, to produce a dual-azimuth volume.

The added azimuth, together with CGG’s advanced processing, will specifically address and improve the imaging of multi-directional fault patterns prevalent in the region.

Shearwater receives Mauritania 3D exploration award from Total

01/09/2020 Posted by Dale

Shearwater GeoServices has announced an award for a large towed streamer 3D acquisition and Fast Track processing project by Total.

“This award confirms that our strong client focus and leadership of the consolidation in the marine geophysical industry, has positioned us well to navigate through these challenging times,” said Irene Waage Basili, the CEO of Shearwater GeoServices.

The exploration survey covers 6,000 sq. km in the C15 and C31 Blocks using an ultra-wide tow Flexisource configuration, the largest triple source spread to date, together with Fast Track processing enabled by Shearwater’s proprietary Reveal software.

The two-and-a-half-month survey is scheduled to commence in Q3 2020, adding to other recent activity in North West Africa for Shearwater, and will be carried out by the SW Empress (formerly “Polar Empress”).

Shearwater GeoServices receives SK Innovation 3D award offshore Vietnam

25/08/2020 Posted by Dale

Shearwater GeoServices Holding AS has received an award for a towed streamer 3D acquisition by SK Innovation Co., Ltd, the operator of Vietnam Block 16-2.

“This will be Shearwater’s first seismic survey in Vietnam and our first project for our new client SK Innovation” said Irene Waage Basili, the CEO of Shearwater GeoServices.

“We are well-established in South East Asia and look forward to further expanding our regional operations through this new survey.”

The survey covers 900 sq. km in Block 16-2 of the Cuu Long Basin. Shearwater has deployed the vessel SW Duchess for the survey.

PGS turns down TGS-NOPEC bid to buy its multi-client library

17/08/2020 Posted by Dale

PGS has reviewed, assessed and rejected an offer from TGS-NOPEC to acquire its MultiClient data library.

PGS said the board “is of the view that the value of the company’s multiclient data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment”

In a statement PGS added that having consulted with its financial and legal advisers, “the board has concluded that the proposal is not in the best interests of the company and its stakeholders.”

Kristian Johansen,...

CGG updates LCT software with innovations for imaging potential field data

11/08/2020 Posted by Dale

CGG Multi-Physics has released an important update to its industry-renowned LCT potential field software suite. Oil and gas exploration geoscientists use LCT to model, process and interpret their gravity and magnetic data for guiding integrated subsurface imaging.

The improved capabilities available in the new LCT R2017.06 release are based on existing user feedback. In particular, enhancements to the software’s intuitive and powerful workflows improve ease-of-use, bring overall risk reduction benefits and increase productivity to levels unavailable in previous versions.

CGG said critical techniques required for comprehensive geological forward modelling, inversion, and management of potential field data have also been extended and enhanced to rapidly deliver an accurate model of the subsurface.