Viridien awarded large seismic imaging project in Algeria by Groupement Berkine
Viridien, previously known as CGG, has been awarded a major seismic imaging project by Groupement Berkine, a joint venture including Sonatrach and Occidental Petroleum. The project involves imaging a 3,400 sq km onshore dataset in the Berkine Basin in Eastern Algeria. Viridien's advanced Subsurface Imaging center in France will apply state-of-the-art imaging workflows to enhance subsurface insights, particularly focusing on thin and faulted geology. This recognition stems from their advanced imaging technology, significant computing capabilities, and long-standing experience in Algeria since the 1950s.
- Viridien has been awarded a significant seismic imaging project, indicating industry trust and potential revenue increase.
- The project covers a large area (3,400 sq km), suggesting substantial data acquisition and analysis work.
- Viridien's advanced technology and high-performance computing capabilities are being recognized.
- The company has a long history in Algeria, dating back to the 1950s, showcasing deep expertise in the region.
- Successful completion of recent reimaging projects in Algeria strengthens Viridien's market position.
- The press release does not specify the exact financial terms of the contract, leaving uncertainty about the project's profitability.
- Potential operational risks associated with working in a high-density and geologically complex area.
Insights
The awarding of a seismic imaging project in Algeria to Viridien signals a significant endorsement of the company's technological capabilities. Seismic imaging is important in the oil and gas industry for identifying subsurface formations and potential hydrocarbon reservoirs. Viridien's advanced imaging workflow and high-performance computing capabilities are likely to provide superior resolution, especially in complex geological settings like the Berkine Basin. This kind of technological edge can position Viridien as a preferred partner in future contracts, potentially boosting their market share and reputation in the industry.
A unique aspect of Viridien's approach is their expertise in handling high-density data sets, which is critical for accurately mapping faulted regions and thin geological layers. This not only enhances the precision of exploration activities but also reduces the risks associated with drilling and production. Investors should consider the strategic value of this technological advantage and its potential to drive long-term growth.
Analyzing this from a market perspective, the project with Groupement Berkine involves major players like Sonatrach and Occidental Petroleum, which underscores the project's scale and importance. Viridien's selection by such a high-profile joint venture implies strong market confidence in their capabilities. The successful completion of similar projects in Algeria and the Middle East further strengthens their market position, likely leading to increased demand for their services in other regions.
Investors should note that the oil and gas sector is highly competitive and securing such contracts can provide a steady revenue stream for Viridien. The specific focus on the Berkine Basin, a region with known hydrocarbon potential, indicates that there could be significant future development opportunities stemming from this project. Moreover, the project's substantial size (3,400 sq km) suggests a long-term engagement, which could improve Viridien's financial stability and project pipeline.
Paris, France – June 12, 2024
Viridien, formerly CGG, has been selected by Groupement Berkine; a joint venture between Sonatrach, Occidental Petroleum, and other international partners, to perform the seismic imaging of a 3,400 sq km high-density onshore data set currently being acquired over blocks B404a and B208 of the Berkine Basin in Eastern Algeria.
To deliver new subsurface insight and, in particular, sharpen the resolution of the target area’s thin and faulted geology, an expert team of scientists at Viridien’s advanced Subsurface Imaging center in France will apply an advanced imaging workflow to the dataset, drawing on their experience of imaging similar large and ultra-dense land seismic surveys in the Middle East.
Peter Whiting, EVP, Geoscience, Viridien, said: “Viridien has been selected to conduct this high-profile project in recognition of its ongoing development of best-in-class imaging technology and significant high-performance computing capabilities. This, together with our long track record in Algeria, dating back to the 1950s, in-depth geological knowledge of the Hassi Messaoud Basin, and recent successful completion of a series of reimaging projects in the country, makes Viridien the preferred partner for delivering the best-possible subsurface images for critical field development decisions.”
About Viridien (formerly CGG):
Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: 0013181864).
Contacts
Investor Relations
Jean Baptiste Roussille
Tel: + 33 06 14 51 09 88
E-Mail: jean-baptiste.roussille@viridiengroup.com
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