PGS scores two seismic acquisition deals in Asia Pacific

July 21, 2022, by Ajsa Habibic

Norwegian seismic company PGS has secured two ‘significant’ contracts for 3D exploration and 4D acquisition in the Asia Pacific region, constituting a nearly five-month campaign.

Specifically, the company signed the first contract with an undisclosed energy company for a 3D exploration acquisition offshore Indonesia.

The second contract, described as major by PGS, was awarded by another mystery energy company for a 4D acquisition offshore Australia.

For the 3D exploration contract off Indonesia, PGS will mobilise its vessel Ramform Sovereign in mid-October and the work is expected to end in mid-December.

From there, the vessel will move to Australia and mobilise for the 4D contract around the end of 2022 and complete acquisition towards the end of February 2023.

Rune Olav Pedersen, president and CEO of PGS, said: “We are very pleased with these two contract awards, which, in combination, constitute an acquisition campaign of close to five months. The seismic acquisition market in the Asia Pacific has been slower than in the Atlantic basins, so it is encouraging to experience increasing demand in the region.”

He added that the company has “good leads” for additional work beyond this campaign.

Recently, PGS agreed with Australia’s deepC Store Limited (DCS) to explore collaboration opportunities in the Asia Pacific region for co-developing commercial-scale carbon capture and storage (CCS) projects.

The agreement is a part of the subscription deal under which dCS will issue shares to PGS in exchange for geological and geophysical advisory services.