Vertical integration allows PGS to control all aspects of the process, from identification of new projects, leveraging close client relationships to secure financial commitment, to ensure projects proceed and are delivered on time and on quality. PGS project execution is done without the need to balance commercial drivers of third-party suppliers.
PGS has a portfolio of MultiClient acquisition agreements with host nations and is agnostic to whether data is acquired using the MultiClient or the Contract business model. As a result, PGS is best positioned to be involved in all client dialogues and can better design a bespoke solution to provide the best commercial value for clients and for PGS. If a client requests proprietary data in an area where PGS has a permit to acquire MultiClient data, the Company can start acquisition immediately, using an existing acquisition permit.
In 2020 PGS commenced a campaign of MultiClient projects offshore Egypt where clients took advantage of PGS’ portfolio of acquisition permits. A well-established way for energy companies to speed up the exploration cycle is to acquire seismic data as soon acreage has been awarded. More time spent analyzing data results in better well-placement and improves chances of making a discovery. PGS’ access to MultiClient agreements in countries such as Egypt has made it possible to make early delivery of quality seismic to energy companies and demonstrated the benefits of the Company’s strategy. PGS’ integrated product offering enables the Company to build order book continuity for vessels more effectively in a challenging market.
Commercial flexibility allows for innovative acquisition arrangements. In mature areas, smaller contract jobs can be incorporated in larger regional MultiClient surveys. The benefits to the client include cost efficient data and the opportunity to license seismic beyond their block boundary to get a better regional understanding of the geological structures, while PGS benefits from economies of scale.
Moving from Frontier Exploration to Reservoir Monitoring
Ramform & GeoStreamer
Quality Acquisition Capacity
Operating a fleet of industry leading 3D seismic acquisition vessels with standardized seismic equipment, including the GeoStreamer, provides a reliable platform and flexible offering to clients. Interchangeable capacity enables PGS to effectively manage timing and permit constraints, changes of project timing and almost any survey specification. PGS vessels and streamer technology deliver reliable, timely and consistent quality of services and data, which are highly valued by many clients.
Unique technology is a PGS differentiator. Combining PGS’ R&D expertise with vessel operation allows for efficient in-house design, development, testing and implementation of new acquisition solutions and technologies.
Positioned for the Energy Transition
The ongoing energy transition drives energy companies to focus on producing fields and proven hydrocarbon basins. As a result, the seismic market will likely gradually move towards more near-field exploration and reservoir optimization where 4D technology will be key. Access to high-capacity vessels and differentiating technology is fundamental to the growing 4D reservoir monitoring market and PGS is uniquely positioned in this aspect with the Ramform platform and high-resolution GeoStreamer multisensor technology.