To build and maintain the MultiClient data library, PGS makes significant investments in developing, acquiring, and imaging new MultiClient surveys. By continuously investing in the MultiClient data library the Company expands its footprint in proven hydrocarbon basins and selective frontier areas.
The ability to identify and initiate new MultiClient programs with solid economics over the life of the survey is a key success criterion for the MultiClient business model. PGS derisks new programs by securing pre-funding commitments from energy companies, with a targeted pre-funding level for the combined portfolio in the range of 80-120% of the capitalized MultiClient cash investment.
Initiation of MultiClient Surveys
The MultiClient business is about having the right data, in the right place, at the right time. PGS initiates attractive new MultiClient projects by capitalizing on its existing data library, in combination with applying in-house imaging and reservoir expertise, and feedback from customers regarding exploration and production areas of interest. The PGS MultiClient data library provides information about geology in all the major hydrocarbon basins around the world. By analyzing these data, including open file data available around the world, PGS imaging and reservoir experts can propose extensions to the existing library and new areas of hydrocarbon resource potential with high likelihood of being of interest to energy companies. These findings are assessed against feedback from clients of where they see hydrocarbon potential and would like more seismic data to support their exploration and production activity.
The information is combined with an overall risk analysis of the area, such as geological prospectivity, geophysical imaging challenges, political risks, past performance of surveys in the region, and the likelihood of future license rounds and other sales trigger events to ensure the business model is robust
A key part of the MultiClient business is to assist governments to explore and promote their resource potential in the best way possible, noting that every country and basin requires a slightly different approach. PGS has supported many governments through providing highquality data and bespoke advice on how to optimize the outcome.
MultiClient Data Library Sales
MultiClient data is acquired, imaged, and owned by PGS. Energy companies buy a license from PGS to use a specific data set, and one survey is typically licensed to multiple energy companies. PGS has a modern and diverse global MultiClient data library focused in areas of high oil and gas prospectivity. Accessing PGS’ data library enables customers to evaluate hydrocarbon potential more rapidly, compared to acquiring and processing a new seismic survey on a proprietary basis. The rapid access to high-quality seismic data enables oil companies to assess the subsurface risks before applying for acreage in licensing rounds, guides exploration efforts, and evaluations of farm-in opportunities.
License rounds serve as important sales triggers for the PGS MultiClient data library and guide long-term investment decisions for new 2D and 3D data acquisition. The geographical diversity and strategic positioning of PGS global MultiClient library enables the Company to benefit from license rounds around the globe.
A large MultiClient library with continuous coverage has obvious benefits. Geology is broad scale in nature, and it is difficult to understand and predict the characteristics of a local area if it is not set in context of the larger geological system. By re-imaging existing data in the MultiClient library, PGS creates regional data sets, which make it possible to interpret and analyze a whole basin in a consistent manner. Santos Vision in Brazil, Flex Vision in the Gulf of Mexico and GeoStreamer PURE in Norway, are three such examples of re-imaged regional data sets that continue to experience strong client interest.
PGS also employs geological expertise, which is used to plan and market MultiClient projects and advise governments how to maximize the value of their subsurface acreage, from licensing and exploration through to appraisal, development, and production. PGS MultiClient data library comprises several hundred individual 3D surveys with a combined size of more than 950 000 square kilometers, 55% of which were acquired with the multisensory GeoStreamer technology. PGS’ MultiClient 2D library comprise approximately 580 000 line kilometers, of which approximately 70% are GeoStreamer data. In addition, the Company has more than 900 000 square kilometers of MegaSurvey, built by integration of available public data together with PGS-owned 3D data to produce large-scale geologically continuous regional 3D datasets.
Contract Acquisition Services
Contract work is seismic data acquisition under exclusive contract directly with customers, where the energy company owns the acquired data. PGS delivers fast and efficient acquisition of high quality seismic data with safe and environmentally sound operations.
Production seismic, or 4D, is a growing segment of the seismic contract market that enables energy companies to optimize producing fields. Operational precision, data resolution and survey repeatability are essential, and are areas where PGS excels. There is a growing adoption of the methodology outside of the traditional areas of the North Sea, Brazil, and Angola. 4D surveys are repeated at regular intervals during a producing field’s life cycle, and those acquired with GeoStreamer multisensor technology is generally repeated with multisensor. During down-cycles in the oil and gas industry, energy companies may temporarily slow the frequency of 4D surveying to save cost and protect cash flow. Despite this, production seismic and nearfield exploration deliver short-cycle return on investment and tend to be more resilient than pure exploration projects. PGS expects 4D acquisition activity to grow over time as the focus on extracting existing reserves increases.
PGS has a productive core active acquisition fleet of Ramform vessels, comprising four Ramform Titan-class vessels and one Ramform S-class vessel. Ramform vessels have delta-shaped hulls and uniquely wide back decks, enabling safe and highly efficient seismic acquisition. The breadth of the Ramform back decks, 40 meters on the S-class and 70 meters on the Titan-class, provides unparalleled streamer handling capability. The PGS fleet delivers industry-leading performance in deployment, acquisition, and streamer recovery.
PGS leads the industry in HSEQ performance and aims to sustain and improve this, with a culture based on operational excellence and safety.
PGS launched GeoStreamer in 2007 and has equipped all vessels with the multisensor streamer technology. Benefits of the technology include subsurface images of greater resolution, accuracy, and reliability. The streamer is towed deep, increasing the low-frequency signal content and its multisensor recording allows the accurate removal of unwanted noise that interferes with the seismic signal. The Company is evolving the technology to increase durability, while maintaining data quality. The useful life of the streamer has been increased from seven years, for the earlier design, to more than ten years for the latest version.
In 2019 PGS launched GeoStreamer X, which capitalizes on the GeoStreamer technology with an innovative acquisition configuration. Adding new azimuths to existing data offers a highly cost-efficient alternative to improve illumination and subsurface understanding versus ocean bottom node systems.
PGS operates several imaging centers globally, where the Company images all new MultiClient data acquired and provides proprietary imaging services. In addition, PGS uses its state-of-the-art imaging technology and innovative workflows to rejuvenate existing MultiClient library data. The Company’s external imaging activities supply bespoke high-end, high-value services to a wide range of energy companies. Imaging services comprise GeoStreamer-based imaging technology, reservoir characterization, 4D processing solutions, and advanced imaging of ocean bottom node data.