PGS and Shearwater GeoServices have secured framework agreements from Equinor for 4D towed streamer seismic acquisition on the Norwegian continental shelf (NCS). The agreements, which are for a period of two years starting in 2021, have a total estimated value of around NOK 700 million.The agreements can also be applied for the UK continental shelf.
Equinor’s Chief Procurement Officer, Peggy Krantz-Underland said it is a new way of working with seismic suppliers.
“We are moving away from annual tenders towards a more long-term collaboration model. This will ensure improved predictability and more sustainable rates for suppliers in the seismic industry that is traditionally exposed to significant cyclicality.”
4D surveys consist of repeated 3D surveys of the same area in order to detect any changes in a reservoir over time as a result of production or injection.
Vice President of Petroleum Technology Operations in Equinor, Charlotte Bøe Tjølsen, said 4D seismic produces better data to map remaining oil and gas resources as the reservoirs are being produced.
“These contracts will help us optimise the reservoir drainage and place new wells, and thereby achieve our ambition of recovering 60 per cent of oil and 85 per cent of gas on the NCS,” she said.
PGS has also been awarded a specific framework agreement for 4D seismic services at the Gullfaks field. The agreement comprises an exclusive right to acquire up to three surveys prior to 2031.
President and CEO of PGS, Rune Olav Pedersen, said as a company operating in a cyclical industry with low visibility, longer-term contracts improve the order book and financial predictability in a challenging seismic market.
“An important part of our strategy is to maintain leadership in the production 4D segment,” Mr Pedersen said.
“The confidence Equinor shows by awarding us these frame agreements confirms our strong position in the 4D market, the reliability of our Ramform vessels and the superior data quality provided by our GeoStreamer technology.”
The offshore operations will be supported by PGS’s office in Oslo and Shearwater’s offices in Bergen and Gatwick.
