CGG: CGG, TGS and BGP Commence Acquisition of Suriname 3D Phase 1

Rhea-AI Summary

CGG, along with partners TGS and BGP, has commenced the acquisition of the Suriname 3D Phase 1 project, covering 11,100 square kilometers of new 3D seismic data and 3,000 square kilometers of reprocessed data. This survey targets the Upper Cretaceous channel systems adjacent to Block 58. The BGP Prospector will undertake the acquisition, with data processing conducted at CGG's Houston center using advanced imaging workflows. Early products are expected by April 2022, with final products available by November 2022. The initiative is supported by industry funding.

Positive

• Commencement of Suriname 3D Phase 1 acquisition enhances CGG's market position.
• Large-scale seismic data acquisition of 11,100 square kilometers supports potential revenue growth.
• Use of proprietary imaging technologies may improve data quality and attract clients.

Negative

• Integration challenges may arise with the large-scale project.
• Heavy reliance on industry funding may pose financial risks if support diminishes.

CGG, TGS and BGP Commence Acquisition of Suriname 3D Phase 1

Paris, France – November 11, 2021

Further to the announcement on October 20, 2021 of a signed agreement with Staatsolie for multi-client programs offshore Suriname, CGG, a global geoscience technology leader, in a consortium with TGS and BGP, today announced that acquisition for Phase 1 of the Suriname 3D project has commenced.

This 3D survey is adjacent to the prolific Block 58 and will cover the up-dip portions of the same Upper Cretaceous channel systems proven successful recently.

Phase 1 includes 11,100 square kilometers of new 3D seismic data acquisition and 3,000 square kilometers of 3D seismic data reprocessing. The acquisition will be undertaken by the BGP Prospector.

CGG will process all of this multi-client data in its Houston subsurface imaging center using a high-end depth imaging workflow, including its proprietary technologies: Time-Lag Full-waveform Inversion (TLFWI) and High-frequency FWI Imaging.

Early products will be available from April 2022 with final TTI Kirchhoff PSDM products ready from November 2022. 

This project is supported by industry funding.


About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations   Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

Attachment

• CGG - Press Release pdf version

FAQ

What is the Suriname 3D Phase 1 acquisition by CGG?

The Suriname 3D Phase 1 acquisition involves collecting new 3D seismic data in collaboration with TGS and BGP, targeting geological formations near Block 58.

How much area is covered in the Suriname 3D Phase 1 acquisition?

The project covers 11,100 square kilometers of new 3D seismic data and 3,000 square kilometers of existing data reprocessing.

When will the initial products from the Suriname project be available?

Early products from the Suriname 3D Phase 1 acquisition are expected by April 2022.

What technologies will CGG use for processing the seismic data?

CGG will utilize advanced depth imaging workflows, including Time-Lag Full-waveform Inversion (TLFWI) and High-frequency FWI Imaging.

Is the Suriname project funded?

Yes, the Suriname 3D Phase 1 project is supported by industry funding.