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TGS diversifies through CO2 Storage Advanced Seismic Reservoir Monitoring

TGS-diversifies-through-CO2-Storage-Advanced-Seismic-Reservoir-Monitoring

Today, oilfield services leading company Halliburton Co. announced it entered into a collaboration agreement with TGS -NOPEC Geophysical ASA. Accordingly, this partnership between Halliburton and the seismic data firm will bring advanced seismic imaging to fiber optic sensing.

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The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage. Accordingly, the existing Halliburton FiberVSP and Odassea distributed acoustic sensing solutions; will now incorporate TGS’s seismic imaging workflows.

Worth noting, by introducing TGS’s technology, Halliburton expects to process the entire seismic wavefield and generate higher-resolution reservoir images.

Diversifying to other markets due to prices volatility

In fact, TGS is mainly known for its seismic data services for offshore oil and gas exploration. However, the company has recently pushed to diversify its business, particularly to become less reliant on oil price cycles.

As a matter of fact, Marine seismic data firms that supply data to offshore oil explorers are typically the first among oil industry contractors to receive the impact of price drops. For instance, oil companies are used to slash expenses and slow down exploration activities while waiting for oil prices to rise again.

For this reason, TGS is diversifying its monitoring portfolio to the carbon storage and offshore markets. In fact, the company recently signed an agreement with the market consultancy firm 4C Offshore. Thus, the latter company specializes in providing research and insights to the offshore wind industry. 

Regarding the companies’ partnership, Jan Schoolmeesters, executive vice president of TGS operations and new energy solutions, commented: “This solution enables enhanced reservoir understanding for our customers with a lower total cost of ownership relative to conventional 4D seismic.”

Halliburton and TGS partnership – Reception

Additionally, Schoolmeesters pointed out that both organizations leveraged their competencies and know-how to drive the change the industry needs.

“For TGS, this collaboration meets our strategic initiatives to increase our focus on technology and mature basins, capture more repeatable business. Also, to offer customers cost-efficient new energy solutions like carbon storage monitoring;” said TSG’s operations and new energy solutions vice president. Finally, “work is underway to deliver this combined solution for multiple onshore and offshore reservoir monitoring projects.

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