Equinor moves to new way of working with seismic suppliers

Equinor has awarded PGS and Shearwater GeoServices framework agreements for 4D towed streamer seismic acquisition on the Norwegian Continental Shelf (NCS). The agreements have a total estimated value of around NKr700mn ($82.7mn) and cover a period of two years, starting in 2021. The agreements also include two two-year options and can also be applied for the UK Continental Shelf (UKCS).

‘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,’ says Peggy Krantz-Underland, Equinor’s Chief Procurement Officer.

Charlotte Bøe Tjølsen, Vice President of Petroleum Technology Operations in Equinor, adds: ‘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% of oil and 85% of gas on the NCS.’

PGS has also been awarded a specific framework agreement for 4D seismic services at the Gullfaks field, which comprises an exclusive right to acquire up to three surveys prior to 2031.