Ensuring Energy Security
The ongoing energy transition drives energy companies to focus on producing fields and proven hydrocarbon basins. Demand for seismic services is increasingly aimed at near-field exploration and 4D reservoir optimization to get quick returns on the energy companies’ investments. Access to high-capacity vessels and differentiating technology is fundamental in the growing 4D reservoir and near-field exploration market, a market which favors the Contract business model. PGS has enjoyed an increasingly strong presence in these markets, as the PGS data library is strong on mature areas which are ideal for infrastructure lead exploration, while the Ramform acquisition platform and GeoStreamer technology are the preferred technology solution for 4D.
Supporting Energy Transition
PGS established the New Energy business area early 2021 with the ambition to build a substantial and recognized presence in the offshore renewables’ domain or related to the ongoing energy transition. PGS has identified carbon storage, offshore wind and marine minerals as domains where the Company’s assets, competence and capabilities are a good match for current industry challenges. During 2021 PGS made several MultiClient data sales for development of carbon storage projects. The Company has announced awards of seismic data acquisition contracts for development of two flagship European projects within this area: Northern Endurance (UK) and Northern Lights (Norway) projects.
Flexible Business Models
The benefits of PGS’ integrated services offering go beyond improving the Company’s position in the ongoing energy transition. PGS has a portfolio of MultiClient acquisition agreements with host nations and can acquire data using either the MultiClient or the Contract business model. As a result, PGS is involved in more client dialogues and able to design bespoke solutions that provide the best commercial value for clients and for PGS. If a client requests proprietary data in an area where they have recently been awarded acreage, and PGS has a permit to acquire MultiClient data, acquisition can start early. This enables the client to spend more time analyzing the data, which generally results in better well-placement and improves their chances of making a discovery. PGS’ access to MultiClient agreements in many countries has made it possible to accelerate our delivery of quality seismic to energy companies.
Commercial flexibility also allows for innovative acquisition arrangements. In mature areas, smaller contract jobs can be incorporated in larger regional MultiClient surveys. Benefits to the client include access to 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 and secures pre-funding for its MultiClient survey.
Controlling the Value Chain
Integration strengthens PGS’ control of all aspects of the seismic acquisition and imaging processes. This positively impacts everything from identification of new projects to building close client relationships, securing financial commitment and ensuring projects proceed according to plan and quality objectives.
PGS project execution is done with less need to balance the commercial drivers of third parties and subcontractors. Playing in all acquisition and imaging markets enables PGS to build order book continuity for vessels more effectively through the cycles and especially in a challenging market.
Reducing Cycle Time
An integrated approach allows PGS to conduct several tasks in parallel, such as data acquisition and processing, thereby enabling efficiencies that allow the Company to decrease the time required from planning to data delivery.
Focusing Research and Development
PGS is known for its unique technology. By targeting R&D expertise on vessel operations and seismic imaging challenges, the Company improves the efficiency of in-house design, development, testing and implementation of new solutions and technologies.
Operating a fleet of industry leading 3D seismic acquisition vessels with standardized seismic equipment, including GeoStreamer technology, 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.
Moving from Frontier Exploration to Reservoir Monitoring