Woodside takes stake in seismic data acquisition firm

Australian LNG major Woodside has signed a shareholders agreement with Perth-based Blue Ocean Monitoring (BOM) to invest in Blue Ocean Seismic Services (BOSS).

Woodside said on Friday that BOSS was developing a solution that had the potential to make ocean bottom seismic data acquisition cheaper and more accessible.

Seismic data is critical for understanding geological formations and the nature of hydrocarbon resources that may be contained within them. Current methods use remotely operated vehicles to place nodes on the ocean floor that capture and record soundwaves.

The concept was jointly developed by Woodside and BOM and focuses on using autonomous underwater vehicles (AUVs) in place of remotely operated vehicles.

According to Woodside, this method will improve efficiencies, lower costs and reduce people’s exposure to health and safety risks.

The company added that subject to satisfaction of conditions precedent, Woodside would take a 35 percent shareholding in BOSS.

Woodside EVP of sustainability Shaun Gregory noted the agreement with BOM continued Woodside’s support of Western Australian technology companies.

“The use of AUVs is a priority in our technology strategy and has global applications. We see ocean bottom monitoring playing an important role in helping us to understand more complex geological settings,” he stated.

Simon Illingworth, BOM’s managing director, added: “Woodside is committed to investing in innovative and disruptive technologies in the oil and gas industry while striving to continuously improve safety. We look forward to continuing to develop this promising technology with Woodside’s support.”

The project participants are focusing on small sea trials in 2019, ahead of the first seismic test in early 2020.