Argeo signs eight-year data agreement with Suriname’s oil & gas regulator

Norway’s subsea services provider Argeo has entered into an eight-year agreement with Staatsolie, Suriname’s oil and gas regulator and state oil company, for the acquisition, processing and sales of multi-client data in Suriname.

The execution of the agreement will be performed in several phases over the contract period and encompass integrated turnkey data solutions including geophysical, geochemical, and geotechnical products in addition to several new tools.

The first agreed package and scope of work includes geophysical data acquisition with an autonomous underwater vehicle (AUV) and uncrewed surface vehicle (USV) in strategically selected areas.

Argeo Searcher, which will carry out the first phase of the program, is already on location/prospect and is expected to last for 60-70 days.

The following USV program is estimated to take 120-150 days and will commence in early 2025.

Argeo noted that its data services will create value for clients throughout the oil and gas project lifecycle, starting with exploration, through field development and production. Argeo Searcher has undergone a short upgrade to enable the vessel to carry out the geochemical and geotechnical work with newly commissioned handling systems to be used for future projects.

The agreement is said to kick-start the development of Argeo Multiclient, hosting the company’s global multi-client library. Staatsolie and Argeo will jointly market and develop the project over the contract terms. Additionally, Argeo has secured a license to operate and include proprietary contract services directly to clients in Suriname.

The agreement can be extended after the initial eight-year term.

According to energy market research and intelligence company Westwood, there is an estimated amount of 7135 MMboe of oil and 1015 MMboe of gas discovered in the Suriname-Guyana hydrocarbon province.

In September, Staatsolie signed a memorandum of understanding (MoU) with Brazilian state-owned oil and gas giant Petrobras to step up their cooperation in various aspects of the energy arena. The deal formalizes the firms’ intention to examine cooperation opportunities in specific areas, such as exploration and production of hydrocarbons, carbon capture and storage (CCS), renewable energy, exchange of knowledge and expertise, and contingency response planning and execution.