22.7.2021, 07:30 · GlobeNewswire
PGS and CGG Sign MoU to Develop MultiClient Data Collaboration for CO2 Storage
July 22, 2021: Oslo, Norway, PGS and CGG have signed a Memorandum of Understanding (MoU) with a view to combining their seismic MultiClient products and technical capabilities applied to the Carbon Capture Utilization and Storage (CCUS) industry. The ambition is to join forces and unlock the value of existing seismic data for carbon storage evaluation. Together the companies intend to explore, conceptualize and create new derivative data products using existing seismic data to facilitate screening and evaluation of carbon storage sites.
“PGS recognizes the importance and potential of CCUS to mitigate climate change, and we are committed to contribute to this activity. Our comprehensive worldwide MultiClient data library and geophysical competence will be valuable resources in addition to our acquisition services for optimal CCUS site derisking. By joining forces with CGG we can offer unmatched data coverage and unique services to help operators significantly accelerate their activities,” says Berit Osnes, Executive Vice President, PGS New Energy, and adds:

“PGS looks forward to work closely with CGG tooffer modern, high quality data products to support the identification and classification of CO2 storage reservoirs.”

Dechun Lin, EVP, Multi-Client, CGG, said: “CGG is actively committed to the climate and environment and constantly seeking ways to leverage its vast Earth library, technology and expertise. This MoU with PGS is consistent with our strategy to advance our data and geoscience offering to support the energy transition through accelerating the development and commercialization of CCUS, hydrogen and ammonia storage, and geothermal energy. The initiative will benefit from the experience of both companies at delivering large-scale high-end seismic products. It will also capitalize on CGG’s fifteen years of experience in CCUS projects and the expertise of our CCS & Energy Storage group, across storage evaluation, reservoir characterization, engineering, instrumentation and monitoring. We look forward to developing with PGS the next generation of MultiClient data tailored to the needs of the CCUS industry.”

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Dette er stekt og valser om nye gode tider for PGS.
- "With our integrated business model we are well positioned to take advantage of a recovering market, which is trending towards more exploration in proven hydrocarbon basins and energy companies optimizing production from existing fields.

- The increase of our MultiClient revenues was driven by sales in mature areas offshore Norway and the UK, where we have industry leading coverage with ourGeoStreamer data. New MultiClient acquisition activity was modest in the quarter and focused on proven basins with strong client interest, securing a pre-funding level of 111% of capitalized cash investment.

- We experience an increase in demand for new acquisition surveys. Most of the contract work in Q2 was for 4D projects. While we see continued price recovery,revenues were negatively impacted by challenging weather conditions during mobilization for several surveys.

- Our order book was $255 million at quarter end, an increase of 65%, compared to Q2 last year. We are close to fully booked for Q3, we have good visibility forQ4 and encouraging indications of a positive start to 2022. Leads for new contract work are increasing and we expect this to materialize into healthybidding activity in the second half of the year. The first bids for 2022 North Sea work are already in the market.

- With a recovering seismic market, the current booked position and a healthy MultiClient sales leads basket we are increasingly confident that 2021 Segmentrevenues will be higher than last year."

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