PGS, TGS, and SLB working to asses carbon storage potential in Malaysian basin

A consortium of Norwegian seismic companies PGS and TGS and American oilfield services company SLB has commenced a multi-client 3D seismic project to provide insights and assess the carbon storage potential across the Penyu Basin area in Malaysia. 

In collaboration with Malaysia Petroleum Management (MPM) and PETRONAS, this seismic project aims to analyze exploration opportunities in the Penyu Basin area and evaluate its potential for carbon storage. Obtaining this new seismic data will allow clients to assess exploration and carbon storage potential for the upcoming Malaysia Bid Round more effectively.

“The Penyu Basin is one of Southeast Asia’s most exciting yet underexplored frontier exploration hotspots, with the potential of uncovering new exploration plays and CCS opportunities,” said Kristian Johansen, CEO of TGS.

“We are pleased to be able to collaborate with MPM and our JV partners to spearhead exploration in this region through a state-of the-art Geostreamer multi-client 3D acquisition program. We continue to increase our footprint across Malaysia as it develops into a key part of our multi-client seismic data library, and together with our partners, we look forward to delivering high-quality seismic data across Malaysia and the Penyu Basin.”

The Ramform Sovereign vessel started operations in the acquisition area in March 2024, covering approximately 7,800 square kilometers. The acquisition is expected to finish by July 2024, with processing estimated to be completed by June 2025.

“We are very pleased on the commencement of the Penyu basin multi-client 3D seismic program together with our JV partners, extending the acquisition campaign for the Ramform Sovereign into the second half of the year. This survey marks a change in how clients use newly acquired multi-client seismic data,” said Rune Olav Pedersen, President and CEO of PGS.

“In addition to the traditional oil and gas exploration activities, this data will be used to facilitate assessment of Carbon Capture and Storage (CCS) potential. By acquiring multi-client seismic data with our Ramform vessels and GeoStreamer technology we will provide high quality regional scale seismic data that will improve regional understanding of the subsurface.”

In January 2024, the same consortium secured pre-funding to expand multi-client seismic data coverage in the Sabah Basin offshore Malaysia. This work is part of a long-term contract initially granted by Malaysia’s energy giant Petronas in 2016.