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Offshore Seismic Duo in Carbon Capture Utilization and Storage Pact

Norwegian marine seismic data acquisition company PGS has signed a MoU with the French geoscience firm CGG, with a plan to combine…

Norwegian marine seismic data acquisition company PGS has signed a MoU with the French geoscience firm CGG, with a plan to combine 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," the two companies, which are best known for supplying seismic data to offshore oil and gas explorers, said Thursday.

Berit Osnes, Executive Vice President, PGS New Energy: “PGS recognizes the importance and potential of CCUS to mitigate climate change, and we are committed to contributing 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.”

"PGS looks forward to working closely with CGG to offer 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.”

Marine seismic data firms that supply data to oil companies drilling for oil and gas offshore are typically the first among oil industry contractors suffer from of oil price drops, as their customers, the oil companies, slash expenses and wind down exploration activities while waiting for oil prices to rise again.

In the past few months, we've seen the seismic players try to diversify, and dip their toes in other sectors outside of oil and gas exploration in order to make their future more sustainable and less susceptible to oil price cycles. For example, Seabird Exploration is looking at mineral exploration, and offshore wind, CGG is offering maritime pollution monitoring services, and Norway's TGS is looking at, several other options including the recent acquisition of a website focused on offshore wind data.

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