Equinor has awarded framework agreements for 4D towed streamer seismic acquisition on the Norwegian continental shelf with a total estimated value of around NOK 700M (US$82.7M)
The Norwegian energy major awarded 4D towed streamer seismic acquisition framework agreements to both PGS and Shearwater GeoServices. The 4D seismic acquisition process measures productivity of oil and gas fields over time.
The framework agreements mark a departure from annual contracts, a move that Equinor said in a statement was designed to even out a regional seismic market which is prone to seasonal cycles.
PGS and Shearwater have been awarded generic framework agreements covering 4D seismic services on Norway’s continental shelf for a firm period of two years starting in 2021. The agreements include two two-year options and can also be applied for the UK continental shelf.
"This is a new way of working with seismic suppliers. We are moving away from annual tenders towards a more long-term collaboration model. This will ensure improved predictability and more sustainable rates for suppliers in the seismic industry that is traditionally exposed to significant cyclicality,” Equinor chief procurement officer Peggy Krantz-Underland said.
PGS has also been awarded a specific framework agreement for 4D seismic services at the Gullfaks field. The agreement comprises an exclusive right to acquire up to three surveys prior to 2031.
“4D seismic gives us better data to map remaining oil and gas resources as the reservoirs are being produced. These contracts will help us optimise the reservoir drainage and place new wells, and thereby achieve our ambition of recovering 60 percent of oil and 85 percent of gas on the NCS,” Equinor vice president of petroleum technology operations Charlotte Bøe Tjølsen said.
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