PGS and Shearwater awarded framework agreements for 4D acquisitionRamford Vanguard seismic vessel. Photo: Ole Jørgen Bratland

PGS and Shearwater awarded framework agreements for 4D acquisition

Equinor has awarded PGS and Shearwater GeoServices framework agreements for 4D towed streamer seismic acquisition on the Norwegian continental shelf (NCS). The agreements have a total estimated value of around NOK 700 million (60 million GBP).

“This is a new way of working with seismic suppliers. We are moving away from annual tenders towards a more long-term collaboration model. This will ensure improved predictability and more sustainable rates for suppliers in the seismic industry that is traditionally exposed to significant cyclicality,” says Peggy Krantz-Underland, Equinor’s chief procurement officer.

PGS and Shearwater have been awarded generic framework agreements covering 4D seismic services on the NCS for a firm period of two years starting in 2021. The agreements include two two-year options and can also be applied for the UK continental shelf.

“4D seismic gives us better data to map remaining oil and gas resources as the reservoirs are being produced. These contracts will help us optimize the reservoir drainage and place new wells, and thereby achieve our ambition of recovering 60 percent of oil and 85 percent of gas on the NCS,” says Charlotte Bøe Tjølsen, vice president of petroleum technology operations in Equinor.

PRESS RELEASE

X