PGS PGS ASA

PGS Completes Another Successful GeoStreamer X Program

PGS Completes Another Successful GeoStreamer X Program

PGS has completed the acquisition of a new GeoStreamer X survey in the UK sector of the North Sea over the Kraken field, East of Shetland. Ramform Vanguard acquired the MultiClient survey, covering two new azimuths of 200 sq. km, in July 2021. First GeoStreamer X data will be available Q2 2022.

GeoStreamer X is an advanced high-density multi-azimuth solution that can be complementary to existing GeoStreamer coverage. It provides high-end nearfield exploration data to resolve imaging challenges.





The Kraken field lies in blocks 9/2b and 9/2c within the P1575 license. The reservoir is oil-bearing Paleocene Heimdal sands. Kraken North, Central, and South are produced using an FPSO. EnQuest is the operator and owns a 70.5% interest in the asset. The remaining stake is co-owned by Cairn Energy.

The new GeoStreamer X survey was prefunded by the P1575 group, with a clear goal of gaining a new understanding of the block, in order to fully evaluate the development potential of a new western area and nearfield opportunities (ILX).

Seismic acquisition around the Kraken FPSO was planned and executed in close cooperation between PGS and the operator. Mark Johnson Geophysicist and Data Lead at EnQuest commented:

“There was excellent communication with the Kraken FPSO throughout the execution of the project which ensures smooth permitting of the seismic vessel together with other simultaneous operations. I very much appreciate the coordinated effort of the PGS crew and the Reps aboard the FPSO and the seismic vessels for their overall planning efficiency and especially in the delivery of the close passes.”

Sónia Pereira, PGS Vice President Data Sales Europe, said:

“With GeoStreamer X data, both exploration and production teams achieve better illumination in their targeted areas, which enables much-improved fault definition and saves drill time with accurate targeted positioning. A key part of this project was to see any nearfield potential that could be explored and tied back to the Kraken field.”

The Kraken project was another successful GeoStreamer X story adding to the already extensive PGS footprint in the UK North Sea.

Find Out More

To discuss this project or GeoStreamer X technology please contact .



EN
23/08/2021

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on PGS ASA

Steffen Evjen
  • Steffen Evjen

Winter is coming

Streamer vessel demand remains muted (2024e tracks ~10% below pandemic levels). We believe a potential recovery in the TGS equity case rests on supply-side discipline remaining intact despite what appears to be a challenging winter season utilisation-wise along with key peer Shearwater’s cash flow-supportive agreement with Viridien expiring in January.

ABGSC Oil & Oil Services Research ... (+6)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Oliver Dunvold
  • Stian Wibstad

Crude Quarterly Q3'24: Lower oil price

Oil inventory draws for the rest of 2024. IEA is wrong – peak demand is not imminent. Both E&P and oil service shares look highly attractive.

ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen

Terminating coverage

ABGSC has ceased coverage of PGS due to its acquisition by TGS.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch