TGS and Schlumberger said they won a new 2D seismic project offshore Egypt from South Valley Egyptian Petroleum Holding Company.
The contract, whose value was not disclosed, has a minimum 15-year period of exclusive multi-client rights in an approximately 70,000 square kilometres open area offshore the Egyptian Red Sea, the companies said in a statement.
The project will comprise acquisition of a 10,000 km 2D long-offset broadband multi-client seismic survey. Advanced new acquisition and imaging techniques will provide better illumination of complex subsalt structures. The project will integrate all legacy seismic and non-seismic data. Acquisition will commence mid-December and is expected to complete in late first quarter of 2018.
“The unexplored offshore Egyptian Red Sea area is made up of large, untested structures and well-established hydrocarbon systems, which offer exceptional growth opportunities for oil companies,” said Kristian Johansen, CEO, TGS. “New imaging technologies are required to improve subsurface understanding and increase exploration success rates. The upcoming new multi-client 2D seismic acquisition program is the initial step in mitigating the complex salt imaging challenges of this unique opportunity.”
Maurice Nessim, president, WesternGeco, Schlumberger, added: “Our comprehensive geological understanding, innovative seismic imaging techniques and full integration of non-seismic methods will define new exploration trends in these prospective basins. The Schlumberger unique play-to-prospect integrated subsurface evaluation capabilities will enable customers to develop new prospectivity insight and accelerate their exploration decisions in this structurally complex area. Our program will have significant impact on the exploration potential for the entire Red Sea (600,000 km2 across 5 countries). Our collaborative approach will help customers to identify high potential play segments, assess exploration risks and accelerate hydrocarbon maturation cycles.”
South Valley Egyptian Petroleum Holding Company is responsible for managing the hydrocarbon resource potential at South Valley. This project is supported by industry funding.