Equinor and PGS extend cooperation for another two years

Norwegian state-owned energy giant Equinor has exercised an option to extend the multi-year 4D framework agreement with PGS, established in March 2021, by two additional years.

The framework agreement covers 4D monitoring surveys on the Norwegian and the UK continental shelf. As a part of the agreement, Equinor has two two-year options.

From the current agreement, PGS will acquire a 4D survey over the Gullfaks field and a 4D survey over the Gudrun field during the 2023 summer season.

Gullfaks is a field in the Tampen area in the northern part of the North Sea at a water depth of 130-220 meters, while Gudrun is located in the middle part of the North Sea, 50 kilometers north of Sleipner Øst, in a water depth of 110 meters.

“An important part of our strategy is to be a leading provider of high-resolution seismic for nearfield exploration and 4D production seismic,” said President and CEO of PGS, Rune Olav Pedersen.

“The confidence Equinor shows by extending the multiyear framework agreement confirms our strong position in the 4D market, the reliability of our Ramform vessels and the superior data quality provided by our GeoStreamer technology.” 

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PGS worked for Equinor multiple times last year. The Norwegian seismic firm won a contract at the beginning of 2022 to carry out seismic acquisition in support of the Northern Lights carbon capture and storage (CCS) project.

Shortly after, PGS secured contracts to conduct 4D GeoStreamer monitoring surveys over the Visund field in the North Sea and the Snøhvit field in the Barents Sea, as well as a 3D exploration survey over the Prinsen and Hassel Ferdinand prospects in the Barents Sea.

In June, the firm received a conditional award for an acquisition contract over the Equinor-operated Smeaheia carbon storage site in the North Sea.