VO L U M E 4 0 I I S S U E 6 I J U N E 2 0 2 2
SPECIAL TOPIC
Leading Geosciences in a New Era EAGE NEWS Association president’s end of term report INDUSTRY NEWS Energy companies post record profits TECHNICAL ARTICLE Phase decomposition and its applications
OUR PLANET. FROM A NEW PERSPECTIVE. Visit us at this year’s EAGE annual conference—scan the QR code for more details.
cgg.com/geoverse SEE THINGS DIFFERENTLY
FIRST BREAK® An EAGE Publication
CHAIR EDITORIAL BOARD Gwenola Michaud (Gwenola.Michaud@cognite.com) EDITOR Damian Arnold (editorfb@eage.org) MEMBERS, EDITORIAL BOARD • Paul Binns, consultant (pebinns@btinternet.com) • Lodve Berre, Norwegian University of Science and Technology (lodve.berre@ntnu.no) • Satinder Chopra, SamiGeo (satinder.chopra@samigeo.com) • Anthony Day, PGS (anthony.day@pgs.com) • Peter Dromgoole, Retired Geophysicist (peterdromgoole@gmail.com) • Rutger Gras, Consultant (r.gras@gridadvice.nl) • Hamidreza Hamdi, University of Calgary (hhamdi@ucalgary.ca) • John Reynolds, Reynolds International (jmr@reynolds-international.co.uk) • James Rickett, Schlumberger (jrickett@slb.com) • Peter Rowbotham, Apache (Peter.Rowbotham@apachecorp.com) • Dave Stewart, Dave Stewart Geoconsulting Ltd (djstewart.dave@gmail.com) • Femke Vossepoel, Delft University of Technology (f.c.vossepoel@tudelft.nl) • Angelika-Maria Wulff, Consultant (gp.awulff@gmail.com)
79
An expansion of data integration processes is proving to be the turning point on the path towards a new era of geosciences
Editorial Contents 3
EAGE News
16
Monthly Update
18
Crosstalk
21
Industry News
EAGE EDITOR EMERITUS Andrew McBarnet (andrew@andrewmcbarnet.com) MEDIA PRODUCTION Saskia Nota (firstbreakproduction@eage.org) PRODUCTION ASSISTANT Ivana Geurts (firstbreakproduction@eage.org) ADVERTISING INQUIRIES corporaterelations@eage.org EAGE EUROPE OFFICE PO Box 59 3990 DB Houten The Netherlands • +31 88 995 5055 • eage@eage.org • www.eage.org EAGE RUSSIA & CIS OFFICE EAGE Russia & CIS Office EAGE Geomodel LLC 19 Leninsky Prospekt 119071, Moscow, Russia • +7 495 640 2008 • moscow@eage.org • www.eage.ru EAGE MIDDLE EAST OFFICE EAGE Middle East FZ-LLC Dubai Knowledge Village Block 13 Office F-25 PO Box 501711 Dubai, United Arab Emirates • +971 4 369 3897 • middle_east@eage.org • www.eage.org EAGE ASIA PACIFIC OFFICE UOA Centre Office Suite 19-15-3A No. 19, Jalan Pinang 50450 Kuala Lumpur Malaysia • +60 3 272 201 40 • asiapacific@eage.org • www.eage.org EAGE AMERICAS SAS Calle 93 # 18-28 Oficina 704 Bogota, Colombia • +57 1 4232948 • americas@eage.org • www.eage.org
Technical Articles 35 Phase decomposition and its applications Satinder Chopra, Ritesh Kumar Sharma, John Castagna, Oleg Portniaguine, Gabriel Gil and Kenneth Bredesen 43 Quaternary and Neogene Reservoirs of the Norwegian Continental Shelf and the Faroe-Shetland Basin B. Bellwald, S. Planke, S. Vadakkepuliyambatta, S. Buenz, C. Batchelor, B. Manton, D. Zastrozhnov, F. Walker, A. Garcia, R. Myklebust and B. Kjølhamar
Special Topic: Leading Geosciences in a New Era 57 Diffraction imaging of the fractured crystalline basement, Lancaster field, UK Roger White, Hannah Kearns, Artem Kashubin, Evgeny Landa and Konstantin Smirnov 65
Why do energy subsurface organisations need digital transformation? Judith Narváez and Gabriel Narváez
69
Geoscience and Digitalisation in the Energy Transition Jeremy O’Brien and Sean Goodman
73
Energy transition or energy mix? Garry Kolafa
79 An expansion of data integration processes is proving to be the turning point on the path towards a new era of geosciences Eirik Larsen 85 Early detection of non-conformance in monitoring of CO2 storage reservoirs using auto-encoder neural networks Eduardo Barros and Boris Boullenger 89 Cover mapping with passive seismics at the Boulia Prospect, Mount Isa Province, Queensland, Australia Charles D. Beard, Nicholas Arndt, Richard Lynch and Jamin Cristall 97
Revealing the potential of East Coast India Neil Hodgson, Karyna Rodriguez and Peter Hoiles
102
Calendar
EAGE MEMBERS CHANGE OF ADDRESS NOTIFICATION Send to: EAGE Membership Dept at EAGE Office (address above) FIRST BREAK ON THE WEB www.firstbreak.org
cover: Madrid forms a beautiful and historical backdrop to the EAGE’s Annual Conference and Exhibition this month.
ISSN 0263-5046 (print) / ISSN 1365-2397 (online) FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
1
European Association of Geoscientists & Engineers
Board 2021-2022
Dirk Orlowsky President
Jean-Marc Rodriguez Vi c e-President
Pascal Breton Secretary-Treasurer
Near Surface Geoscience Division Alireza Malehmir Chair Esther Bloem Vice-Chair George Apostolopoulos Immediate Past Chair Micki Allen Contact Officer EEGS/North America Hongzhu Cai Liaison China Albert Casas Membership Officer Eric Cauquil Liaison Shallow Marine Geophysics Deyan Draganov Technical Programme Officer Hamdan Ali Hamdan Liaison Middle East Vladimir Ignatev Liaison Russia / CIS Andreas Kathage Liaison Officer First Break Musa Manzi Liaison Africa Myrto Papadopoulou Young Professional Liaison Koya Suto Liaison Asia Pacific Catherine Truffert Industry Liaison Panagiotis Tsourlos Editor-in-Chief Near Surface Geophysics Florina Tuluca Committee Member
Oil & Gas Geoscience Division
Caroline Le Turdu Membership and Cooperation Officer
Peter Rowbotham Publications Officer
Colin MacBeth Education Officer
Lucy Slater Chair Yohaney Gomez Galarza Vice-Chair Michael Peter Suess Immediate Past Chair; TPC Erica Angerer Member Wiebke Athmer Member Juliane Heiland TPC Tijmen Jan Moser Editor-in-Chief Geophysical Prospecting Francesco Perrone Member Matteo Ravasi YP Liaison Jonathan Redfern Editor-in-Chief Petroleum Geoscience Giovanni Sosio DET SIC Liaison Aart-Jan van Wijngaarden Technical Programme Officer
SUBSCRIPTIONS First Break is published monthly. It is free to EAGE members. The membership fee of EAGE is € 80.00 a year (including First Break, EarthDoc (EAGE’s geoscience database), Learning Geoscience (EAGE’s Education website) and online access to a scientific journal. Companies can subscribe to First Break via an institutional subscription. Every subscription includes a monthly hard copy and online access to the full First Break archive for the requested number of online users. Aart-Jan van Wijngaarden Technical Programme Officer
Alireza Malehmir Chair Near Surface Geoscience Division
Lucy Slater Chair Oil & Gas Geoscience Division
Orders for current subscriptions and back issues should be sent to EAGE Publications BV, Journal Subscriptions, PO Box 59, 3990 DB, Houten, The Netherlands. Tel: +31 (0)88 9955055, E-mail: subscriptions@eage.org, www.firstbreak.org. First Break is published by EAGE Publications BV, The Netherlands. However, responsibility for the opinions given and the statements made rests with the authors. COPYRIGHT & PHOTOCOPYING © 2022 EAGE All rights reserved. First Break or any part thereof may not be reproduced, stored in a retrieval system, or transcribed in any form or by any means, electronically or mechanically, including photocopying and recording, without the prior written permission of the publisher. PAPER The publisher’s policy is to use acid-free permanent paper (TCF), to the draft standard ISO/DIS/9706, made from sustainable forests using chlorine-free pulp (Nordic-Swan standard).
2
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
HIGHLIGHTS
06
Hong Kong is smart cities host
08
10
EAGE Digital 2022 report
Rio place to be in November
How we are becoming the society of energy transition Dirk Orlowsky, president EAGE (2021-22), ends his term in office with this comprehensive vision of the future for the Association. programmes, adding elements to other events than the EAGE Annual, Near Surface Conference, GET Conference). • We will become more flexible in the choice of our conference venues. • We will adjust events to be hybrid whenever possible and only online or only-in person if required by circumstances. • The goal: Integration, Specialization and Cooperation
EAGE President during the opening ceremony in Amsterdam.
How is EAGE planning for the transition era? We intend to keep to our EAGE core values embracing diversity, a multi-disciplinary approach and being membership-centric. This implies: • Strengthening our Near Surface Division activities on many diverse topics. • Working intensively on Energy Transition topics, for example developing the GET 2022 event with a broader format in future, launching a related journal
and, especially implementation of a new division on sustainable energies with a voice in the EAGE Board. • Focusing on Digitalisation in Geosciences where relevant in the sectors our community serves, potentially with more online conferences, especially through our local chapters. • Continue with Career Development and Talent Acquisition. • Continue with our Student Activities, Student Chapters, Contests, Mentoring FIRST
Which topics in geoscience can be applied in other industries to make geoscience sustainable? Geoscience must be more sustainable in the future. In the Energy transition era, there’s a key role for geoscientists to contribute to mitigating the impact of climate change. This is because taking advantage of the earth’s subsurface plays a pivotal role for most of the technologies that can help to slow down the greenhouse effect. For example, geoscientists will be needed to identify and to develop geothermal energy sources as well as safe sites for carbon storage, for gas and hydrogen storage not to mention the importance of safely storing nuclear waste. BREAK
I
VOLUME
40
I
JUNE
2022
3
EAGE NEWS
Here we are talking about a pressing need for the geoscientist’s unique and detailed knowledge of the subsurface as countries around the world rapidly ramp up on carbon capture and storage projects to reach the global emissions goal of
countries. Energy transition from oil/gas and coal to renewables can play a pivotal role to reduce political dependency. However, geoscience is about more than just energy and energy transition issues. These are just some other topics,
‘In the Energy Transition era, there’s a key role for geoscientists to contribute to mitigating the impact of climate change.’ net-zero by 2050. That said, the oil and gas industry will continue to play a key role in the energy mix for decades to come. Geoscientists will be the ‘bedrock’ for many emerging roles prompted by sustainable energy. Skills currently relevant for the O&G industry will be needed in other fields, maybe more so. For example, the ability to plan geophysical data acquisition for a given geoscientific question related to the subsurface, to perform data acquisition with the correct instruments, to process and interpret geophysical data, to think spatially and in multiple dimensions, and to be comfortable with risk and solving large, multi-faceted problems make geoscientists prime candidates for new frontiers. Geoscientists are also known for breaking the paradigm. As long as there is a need to provide raw materials to produce or to store energy for the world, companies will recruit those people who have the right skills. Training students to have greater bandwidth is essential. The evolving industries will be demanding the geoscience students’ skills for decades to come. It’s an incredibly exciting and stimulating time to be working, but yes, there are lots of changes. Change brings about uncertainty, but it also brings opportunities in something else that is much better and cleaner with a brighter future.” Energy transition and other challenges Energy transition, especially in Europe becomes more and more important. This is not only due to climate change (that of course should be important enough) but also because of the dependency of leading European economies upon the oil, gas and coal supply from politically critical 4
FIRST
BREAK
I
VOLUME
40
I
JUNE
which are actually becoming more significant to the EAGE community in different industries, many of them related to near surface geosciences: • Geochemistry • Hydrogeophysics • Mineral exploration geophysics • Infrastructure planning, monitoring and bim, engineering geophysics • Geohazards and anthropogenic hazards • Environmental characterisation of the subsurface • UXO • Characterisation of final storage sites for nuclear waste A role in the public world outside of geosciences Another important evolving issue is the development of a role and recognition as significant association in the public world outside geosciences. This can give EAGE importance and influence. This can be achieved by mapping our activities to the 17 sustainable development goals (SDGs) identified by the United Nations. The SEG has already performed a mapping of geophysics with the publication The Geophysical Sustainability Atlas: Mapping geophysics to the UN Sustainable Development Goals, an article by Maria A. Capello, Anna Shaughnessy and Emer Caslin. However, not only our science but also all activities of our society need to be mapped as well. Our promotion of energy transition initiatives can easily be related to the SDG 7 on affordable and clean energy, the activities of our Hydrogeophysics technical community can easily be mapped to SDG 6 on clean water. We can work towards relating more of EAGE activities to SDGs. Looking into my past decades as a geoscientist, I have been involved in many projects related to 2022
the exploration of possible atomic waste sites, for example, in Switzerland, France, Germany and the UK. I would be glad to bring the geoscientific part of this topic to the EAGE, maybe by starting as a special topic during the Annual or by creating a special interest group, depending on the acceptance of this idea. For SDG 7 on clean energy, obtaining reliable and clean energy to all corners of the world, our Association does have many activities, e.g., the GET conferences plus the technical community on this topic guided by the O&G division. However, looking at the 17 UN sustainability goals, we have to recognise that they are strong related to each other. So one could say, if we fulfil SDG 7 we automatically contribute to nearly all the other SDGs. So my thinking is that we should map our activities in a direct way to the SDGs and not only indirectly via SDG 7. From the EAGE side we can acknowledge: • For SDG 4 — Quality education. Through our meetings, publications and courses we’re bringing people around the world the latest information on the world underneath our feet. • For SDG 5 — Gender equality. We are an inclusive association! We attract bright and diverse minds to communities and committees. We have a high influential Women in Geoscience and Engineering committee. • For SDG 6 — Clean water and Sanitation. A strong understanding of hydrogeology and hydrogeophysics is crucial. There is a technical EAGE community on this topic guided by the Near Surface Division. • For SDG 9 — Industry innovation and Infrastructure. There are always special topics presented during our Near Surface Conferences. Collaboration with sister societies Collaboration with a wide range of societies provides more growth and breadth of activities, as well as attracting new members to add to our strength in oil and gas. Furthermore, if we are developing into new areas it is for sure that others (societies, universities, industries, etc.) are developing under these headings as well,
EAGE NEWS
and thus, especially for the topic energy transition, we should consider: • Collaboration between different groups (members) of EAGE: Of course we do have the Oil & Gas division and the Near Surface Division both with different but also overlapping interests in energy + energy transition. So diversity in geoscientific topics! • Collaboration with sister societies: Energy transition is a topic which of course is also growing in all geoscience societies, so there is a need for cooperation and not for a competition Options for co-operation are - Presenting the best papers - Organising more joint workshops, education programmes, and conferences, especially online - Sharing high quality and well known speakers on selected conferences, workshops, etc - Joint activities on ‘new’ topics in near surface, mining, planetary, and environmental - Joint technical/geophysical publications • Collaboration with universities: The future for a petroleum geoscientist might seem more uncertain these days as the transition to cleaner energy begins. Fewer students have their ambitions set on oil and gas careers and industry professionals are beginning to question how their knowledge and skills will fit into a world of new energies. • Collaboration with industries: This includes the oil and gas industry as one of the main drivers of the energy transition, but also deep geothermal, deep storage, etc
caused by anthropogenic actions. What counts is the scientific point of view, and for the EAGE this is where the discussion should take place. We must also acknowledge that there is also a broad societal and economic move towards recognising climate change and the need to develop alternative ener-
EAGE Community hub.
gy technologies. Moreover, stakeholders are putting pressure on the major energy companies to address energy transition. As an association, we cannot ignore these trends. Many geoscientist and engineers will have the possibility and motivation to get involved in the energy transition domain. That is why our GET conference is important in involving our scientific community in this development rather than leaving the opportunity to others.
‘It’s an incredibly exciting and stimulating time to be working, but yes, there are lots of changes. Change brings about uncertainty, but it also brings opportunities in something else that is much better and cleaner with a brighter future.’ Position on climate change To start with, I personally, as well as the EAGE board, am convinced that there is ample scientific evidence proving we are actually moving into climate change
military invasion of Ukraine. My thoughts are with the millions of Ukraine people, our members in the country, their families and others who have been affected by this senseless war. The death, destruction and displacement taking place is tragic, and I hope for an immediate peaceful resolution to the war.
EAGE’s statement on the Russian aggression against the Ukraine In our April issue of First Break the EAGE Board unanimously expressed our shock and dismay at the ongoing Russian FIRST
EAGE will focus on humanitarian efforts to assist our Ukrainian members. We are in the process of identifying constructive actions to help our Ukrainian members and students during these difficult times. Looking ahead Our Annual Meeting in Madrid chose well with the title ‘Leading Geosciences into a New Era’. But I would advise that we have to intensify our efforts in all the new energy developments evolving. We have to keep our eyes open to what is happening in the world, and be flexible so that we can rapidly adapt our strategy if required. With these thoughts I take my leave as your president. I believe the Association is more than ready to meet any challenge that the future brings. I would like to express my appreciation for the support from members that I have received during my term in office, especially during the difficult period of the Covid pandemic. Finally I must thank the Board, our staff, and of course our many volunteers for working tirelessly for the benefit of the membership as a whole. BREAK
I
VOLUME
40
I
JUNE
2022
5
EAGE NEWS
OUR JOURNALS
THIS MONTH
Geophysical Prospecting (GP) publishes primary research on the science of geophysics as it applies to the exploration, evaluation and extraction of earth resources. Drawing heavily on contributions from researchers in the oil and mineral exploration industries, the journal has a very practical slant. A new edition (Volume 70, Issue 5) will be published in June, featuring ten articles.
Editor’s Choice articles: • Probabilistic inversions of electrical resistivity tomography data with a machine learning-based forward operator — Mattia Aleardi et al. • Wavefield simulation of fractured porous media and propagation characteristics analysis — Kang Wang et al. Near Surface Geophysics (NSG) is an international journal for the publication of research and developments in geophysics applied to the near surface. The emphasis lies on shallow land and marine geophysical investigations addressing challenges in various geoscientific fields. A new edition (Volume 20, Issue 3) will be published in June, featuring seven articles.
Editor’s Choice articles: • Enhancing Ptential Field Data Usisng its Deep Angle — Gordon R. Cooper • Characterization of a river embankment using a non-destructive direct current electrical survey — Ryosuke Umezawa et al.
Hong Kong to host workshop on smart cities The sequel to the successful 2019 inaugural EAGE/SEG workshop on smart cities is on the way. This time, the event entitled ‘Geophysical Aspects of Smart Cities’ is being held in Hong Kong on 6-8 December 2022. This workshop is a hot topic as cities around the world, and especially in Asia, strive to transform urban work and life, utilising the digital revolution. With limited land, innovations are required continuously to improve the urban living and transportation environment for a safer, more sustainable, and more liveable condition. In both domains, geophysics has the ability to provide essential knowledge at the planning stage, real-time performance monitoring, and life cycle management. Bridging the gap between geophysics, civil engineering, and digital informatics provides the framework to guide project owners and local authorities to develop specific strategies for building a smart city/ smart nation. The main aim of the workshop is to demonstrate and discuss lessons learned and progress in geophysical techniques in smart city applications and methods, with an emphasis on inter-disciplinary efforts with civil engineering and digital technologies. Hardware sensor development, remote sensing application, data analytics, and social and environmental impacts of technologies will be covered. Event highlights include keynote sessions with two leading academics, Prof Kenichi Soga of UC Berkeley and Dr Atsushi Yashima of Gifu University. Prof Soga will be speaking on ‘Distributed fibre optic sensing technologies for infrastructure monitoring’ and DrYashima will be addressing the ‘Challenge to health monitoring of road embankment slope’.
Basin Research (BR) is an international journal which aims to publish original, high impact research papers on sedimentary basin systems. A new edition (Volume 34, Issue 3) will be published in June, featuring ten articles.
Editor’s Choice article: • Burial wedges — Evidence for prolonged progressive burial of the Paradox Basin salt walls — With a detailed example from Gypsum Valley, Colorado — Richard P Langford et al.
CHECK OUT THE LATEST JOURNALS
GP
NSG
BR
Please note that for two weeks this month, we are offering free access
Learn more about this event via
to the Editor’s Choice articles.
6
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
85 Hz FWI IMAGE
FWI VELOCITY BEX MC3D data courtesy of Multi-Client Resources
SIMULTANEOUS MODEL-BUILDING AND LEAST-SQUARES IMAGING There’s no need to pull a rabbit out of a hat when it comes to reflection FWI. DUG’s unique augmented acoustic wave equation isolates the “roo ears” for high-resolution velocity
A roo-volution in seismic imaging!
updates beyond the diving-wave limit. It also enables least-squares imaging using the entire wavefield providing high-frequency reflectivity volumes for quantitative interpretation. Simultaneous velocity model building and least-squares imaging directly from field data.
For more information contact us at info@dug.com
EAGE NEWS
EAGE Digital 2022 highlights the power of technology and partnerships Conference chair Roman Spitzer, head of technology application, OMV E&P, shares his thoughts on the recently concluded 2nd EAGE Conference on Digitalization in Vienna. It was a great experience to chair this EAGE conference. After several Covid-related delays it was a real pleasure to welcome more than 200 participants to an ‘old-fashioned’ conference setting. There is one thing that we all learned during the pandemic: yes, digitalization can help us to continue our business very efficiently but talking to each other in person is just priceless. What we also learned recently is that the world and the relationships that are holding this world together are not as stable and as reliable as we might have thought. The invasion of Ukraine by Russia is a devastating event for many millions of people in Ukraine and it is also challenging the sense of peace and security in which many Europeans have lived for generations. The repercussions of this war will impact us as an industry in terms of new balances in the energy markets. The Covid-pandemic, climate change and associated energy transition and the recent potential shift in energy markets
Patrick Kelly (OSDU Chair) makes a point during the panel discussion on the power of partnerships and collaboration.
due to geopolitical disruption, force an accelerated approach on all of us with a lot of uncertainties. Digitalization is not the silver bullet, but it can be an extremely important element in these volatile times, since all these challenges are related to gathering, exchanging and analysing data and information. A
fast-changing environment needs swift and accurate solutions and proper digitalization of operations is one major contributor. The good news is that high-tech innovation and digital solutions are not new to subsurface specialists. Technologies like geophysical imaging and reservoir
What participants had to say ‘I looked after a couple of panels here and one of the words that comes strongly to mind is accelerate. Everyone has come out of the pandemic very focused with the strong desire to achieve more, and more quickly, in light of the energy security and energy transition drivers which are pushing the industry to innovate faster than ever before. It’s been great to see the sense of partnership as well partnerships between companies and also companies considering that new partner in the room that is Artificial Intelligence, someone who will sit at the table with you in the not too distant future and be part of the team’ - Michael Wynne, VP International Upstream, S&P Global. ‘The key take-away for many people was that we had a triangle of the energy companies, cloud providers and the vendor industry present and talking to each other. That’s an extension on a strategic level and this conference has been really good at enabling the discussion’ - Aart-Jan van Wijngaarden, leader work processes in E&P, Equinor
8
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
EAGE NEWS
simulation were always connected to big data and high-performance computing and are part of our genes. Hence, we are building on decades of experience. The large number of participants was a clear signal that we as an industry are truly recognising the challenges and searching for potential solutions in which digitalization plays a key role. ‘Technology, Leadership and Business’ were our main topics, supported by a wide range of presentations: from showcasing the newest technologies, latest developments, state-of-the-art products to innovative services. The conference attracted participants joining from the US, Europe, Middle East and South-East Asia across different industries. The broad selection of topics provided everyone with a wealth of information. The quality of the roundtable discussions and the insights gained from technical presentations were very inspiring and triggered excellent discussions and networking opportunities. All of this was only possible due to continuous support from many enthusiastic people in the organising committees and I congratulate EAGE on the organisation of this event, especially during
such challenging times. I would also like to thank all sponsors (OMV, Schlumberger, Cognite, AkerBP, and tNavigator) for their financial support of the event. Finally, many thanks also to the visitors and exhibitors for an open and collaborative spirit throughout the entire conference. We concluded the event with a lot of enthusiasm for the good foundation of technology and the enormous brainpower in our industry. This will help to master the challenges ahead in a creative and successful way. The digital toolbox is ready, let’s start using it for the benefit of society and global energy demand.
Markus Berghofer, SVP Technology & Innovation at OMV Upstream, shared his company’s digital journey during the keynote presentation.
The networking lunch provided excellent opportunities for informal discussion on the exhibition floor.
EAGE Online Education Calendar VELOCITIES, IMAGING, AND WAVEFORM INVERSION - THE EVOLUTION OF CHARACTERIZING THE EARTH’S SUBSURFACE, BY I.F. JONES (ONLINE EET)
SELF PACED COURSE
6 CHAPTERS OF 1 HR
GEOSTATISTICAL RESERVOIR MODELING, BY D. GRANA
SELF PACED COURSE
8 CHAPTERS OF 1 HR
CARBONATE RESERVOIR CHARACTERIZATION, BY L. GALLUCCIO
SELF PACED COURSE
8 CHAPTERS OF 1 HR
3 MAY 3 JUL
GEOLOGICAL CO2 STORAGE, BY A. BUSCH, E. MACKAY, F. DOSTER, M. LANDRO, P. RINGROSE
EXTENSIVE COURSE *
7 CHAPTERS OF 1 HR
9 MAY 9 JUN
DEVELOPING DEEP LEARNING APPLICATIONS FOR THE OILFIELD: FROM THEORY TO REAL WORLD PROJECTS, BY B. MONTARON
EXTENSIVE COURSE *
5 CHAPTERS OF 1 HR
17 MAY 17 JUN
NON-SEISMIC DATA ACQUISITION AND PROCESSING: GRAVITY AND MAGNETICS, BY J. MONDT
EXTENSIVE COURSE*
7 CHAPTERS OF 2 HRS
1-2 JUN
SEISMIC RESERVOIR CHARACTERIZATION: AN EARTH MODELING PERSPECTIVE, BY P. DOYEN
EAGE EDUCATION TOUR
7 MODULES OF 4 HR
14-17 JUN
BOREHOLE SEISMIC FUNDAMENTALS AND INTRODUCTION TO ADVANCED TECHNIQUES, BY A. CAMPBELL
INTERACTIVE SHORT COURSE
6 MODULES OF 4 HR
15-16 JUN
AN INTRODUCTION TO OFFSHORE WIND, BY J. GODTSCHALK
INTERACTIVE SHORT COURSE
5 MODULES OF 4 HR
21-23 JUN
SEISMIC DIFFRACTION, MODELING, IMAGING AND APPLICATIONS, BY T. J. MOSER
INTERACTIVE SHORT COURSE
5 MODULES OF 4 HR
27-29 JUN
SUB-SURFACE UNCERTAINTY EVALUATION (SUE), BY M. AGARWAL
INTERACTIVE SHORT COURSE
6 MODULES OF 4 HR
START AT ANY TIME
* EXTENSIVE SELF PACED MATERIALS AND INTERACTIVE SESSIONS WITH THE INSTRUCTORS: CHECK SCHEDULE OF EACH COURSE FOR DATES AND TIMES OF LIVE SESSIONS FOR THE FULL CALENDAR, MORE INFORMATION AND REGISTRATION PLEASE VISIT WWW.EAGE.ORG AND WWW.LEARNINGGEOSCIENCE.ORG.
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
9
EAGE NEWS
Two key EAGE meetings set for Rio in November Rio de Janeiro is the place to be from 21-25 November 2022. This is when two outstanding EAGE events are being held - The 3rd EAGE Pre-salt Conference and the 1st EAGE/SBGf Workshop on Reservoir Monitoring and its role in the Energy Transition. The 3rd EAGE Pre-salt Conference will build on the positive legacy set by the previous events. It aims to provide a collaborative forum for professionals in the energy sector to discuss the state of the art research, best practices, and opportunities across technical themes such as pre-salt
E&A; learnings since 2005; optimizing field development and production; digital innovation and managing the energy transition. Likewise, the 1st EAGE/SBGf Workshop on Reservoir Monitoring and its role in the energy transition will gather experts from reservoir monitoring, field management, and associated technologies to present and discuss the value of the information provided by monitoring; current practices in operating companies; success and failures stories; economic and practical blockers. Since this event
Libra Field, Brazil. Source Petrobras.
Christ the Redeemer statue, Rio de Janeiro.
is expected to take place in the Brazilian offshore context, we expect to focus the workshop on deepwater reservoir monitoring. The value of these meetings is guaranteed by the Technical Committees for both events, composed of prestigious specialists from industry and academia such as Equinor, Shell, Petrobras, Total-Energies, Heriot-Watt University and Agência Nacional do Petróleo. Both events are being held in the same week in Rio de Janeiro, Brazil’s second city with headquarters of the most important Brazilian companies in the oil sector. The Call for Abstracts for these events is now open until 25 July. To search the full list of topics, visit our website.
ADDITIONS THIS MONTH DGMK/ÖGEW Spring Conference will take place in Cell, Germany, on 15-16 June. The abstract on the topic of ‘Geo-Energy Systems and Subsurface Technologies Key Elements towards a Low Carbon World’ will become available on EarthDoc. Conference abstracts of EAGE’s 83rd Annual Conference and Exhibition are available. Lastly, new issues of Geophysical Prospecting, Basin Research and Near Surface Geophysics will be accessible on EarthDoc in June.
10
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
EAGE NEWS
Cartagena to host EAGE/HGS conference on Latin America’s energy future The key role that Latin America can play in meeting future energy needs around the world is the main topic of the 4th EAGE/ Houston Geophysical Society Conference being held on 14-16 September 2022 in Caragena, Colombia. A highlight of the conference entitled ‘Latin America in the future global energy mix’, will be the forum discussing the wide variation in geological settings from Mexico to Tierra del Fuego, including the most recent insights into the conjugate margin and global analogues. Sessions covering advances in seismic imaging and
Cartagena’s historic centre.
non-seismic methods as well as machine learning and digitalization will also be on the agenda. A subtext of the event is to understand how Latin America can contribute to energy transition processes and the future global energy mix. The Technical Committee invites participants to submit 2-4 page abstracts on relevant topics before 25 June 2022.
Read more about this event at
Austrian geology field trip seals the deal Those attending the 6th International Conference on Fault and Top Seals in Vienna on 26-28 September 2022 will have the option to join an educational field trip to the captivating Leitha Mountains, 50 km SE of Vienna. The Leitha Mountains form the prominent south-western boundary of the Vienna Basin. They comprise a Miocene limestone platform emerging in a Mid-Badenian subtropical environment. During the further evolution of the platform, tectonic events controlled the distribution of the limestones and siliciclastics of different geologic ages. Vertical tectonic movements further segmented the Leitha Mountains creating the structural geologic highlights in the landscape we see today.
The field trip offers insights into detailed fault zone observations in various lithologies. The visit to one of Europe’s oldest limestone quarries in St Margarethen complements the programme not only in a structural geologic sense. The quarry also serves as
a backdrop for international cultural events. The field trip concludes at Lake Neusiedl, a place firmly embedded in the UNESCO World Heritage cultural landscape. Visit the conference website at faultandtopseals.org to learn more.
Austrian geology.
EAGE Student Calendar 5 JUN
LAURIE DAKE CHALLENGE FINAL ROUND
MADRID, SPAIN
6-9 JUN
83RD EAGE ANNUAL CONFERENCE & EXHIBITION (STUDENT ACTIVITIES)
MADRID, SPAIN
22 JUN
STUDENT WEBINAR: STRUCTURAL GEOLOGY OF SEDIMENTARY
ONLINE
18-22 SEP
NEAR SURFACE GEOSCIENCE CONFERENCE & EXHIBITION 2022
BELGRADE, SERBIA
7-9 NOV
3RD EAGE GLOBAL ENERGY TRANSITION CONFERENCE & EXHIBITION (GET 2022)
THE HAGUE, THE NETHERLANDS
FOR MORE INFORMATION AND REGISTRATION PLEASE CHECK THE STUDENT SECTION AT WWW.EAGE.ORG
12
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
EAGE NEWS
Another special occasion for Hungarian students Hungary’s geoscience community came together recently to support the 52nd Meeting of Hungarian Young Geoscientists. Held in Orosháza, South Hungary on 24-25 March 2022, the event gathered BSc, MSc and PhD students, organized by the Association of Hungarian Geophysicists, an EAGE Associated Society, in collaboration with the EAGE Local Chapter Hungary and the Hungarian Geological Society.
Presentation in progress.
For most of the participants, this was the first experience presenting to a larger scientific audience and topics spanned across multiple areas of geophysics, including novel methods of exploration, geochemistry, petrology, paleontology, hydrogeology, structural geology and archeological exploration. A six-member jury evaluated presentations and assigned prizes to Petra Baják (Eötvös Lorand University) and Péter Farkas (Geosentinel Ltd.) in the applied geoscience category, Adam Kovacs and Bence Molnár (Eötvös Lorand University) in the theoretical category and Éva Oravecz in the poster category. The organizers would like to acknowledge the support of local stakeholders: the Elgoscar-2000, Biocentrum, Geo-Log, MinGeo, O&GD Central, MS Energy
Group photo of students.
Solution, Vermilion Energy Hungary, the Eötvös Loránd Research Network, the Geological Society of Hungary and the Eötvös Loránd Geophysical Foundation. Many thanks to all for contributing to this initiative for young professionals in Hungary’s geoscient community.
Second Advanced Seismic Workshop to focus on Gulf of Mexico Geoscientists, asset teams and decision-makers from the region should be heading for Mexico City on 7-8 September 2022. That’s when 2nd EAGE Workshop on Advanced Seismic Solutions in the Gulf of Mexico takes place providing an opportunity to learn, discuss and exchange ideas on how exploration and imaging are being developed. The northern Gulf and adjacent
areas are now a mature continental-shelf basin scenario for deep-water exploration with a rich source of seismic data and geologic interpretation to inform oil and gas E&P activities. Among the key topics likely to be explored in the workshop are: Seismic acquisition: technology, seismic design and operation; Seismic data processing & Imaging; role of seismic interpretation,
and status of shallow structures. Those interested in participating with a presentation are invited to submit 2-4 page abstracts for consideration before 23 July 2022.
For more about this event see
The EAGE Student Fund supports student activities that help students bridge the gap between university and professional environments. This is only possible with the support from the EAGE community. If you want to support the next generation of geoscientists and engineers, go to donate.eagestudentfund.org or simply scan the QR code. Many thanks for your donation in advance!
D O N AT E T O DAY ! 14
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
Make MakeNuSeis NuSeisYourSeis! YourSeis!
GTI’s GTI’s NuSeis™ NuSeis™ is the is the lowest lowest "total "total cost cost of of ownership" ownership" high high quality quality nodal nodal seismic seismic technology technology in the in the market market . .
Next NextGeneration GenerationSeismic SeismicTechnology Technology GTI’s GTI’sNuSeis™ NuSeis™autonomous autonomousnodal nodalseismic seismicrecording recordingtechnology technologyenables enablesdata data acquisition acquisition of of thethe highest highest quality, quality, with with unprecedented unprecedented operating operating efficiency, efficiency, and and optimal HSE performance, manufactured to to thethe highest quality standards, available optimal HSE performance, manufactured highest quality standards, available forfor lease or or purchase at at lowlow cost. lease purchase cost. GTI’s GTI’scommitment commitmentis isto tocontinually continuallyinnovate innovateand anddeliver deliverhighly highlydifferentiated differentiated geophysical geophysicaltechnology technologythat thatenhances enhancesseismic seismicoperational operationalefficiency, efficiency,cost cost effectiveness, effectiveness, and and earth earth imaging imaging quality quality forfor illuminating illuminating and and monitoring monitoring thethe earth’s earth’s subsurface subsurface . .
Visit Visit ourour website website and and experience experience thethe NuSeis NuSeis Differentiation Differentiation
WWW.GEOPHYSICALTECHNOLOGY.COM WWW.GEOPHYSICALTECHNOLOGY.COM
Make sure you’re in the know
EAGE MONTHLY UPDATE Explore everything EAGE does around
CALL F O R A B S T R AC T S D E A D L I N E S 2 0 2 2 16
Geophysical Prospecting
OUR JOURNALS
PUBLISH IN
Digital Transformation
Special Issue: Seabed Prospecting Technology planned for Geophysical Prospecting Submission deadline: 31 July 2022
25 June 2022 Fourth HGS/EAGE Conference on Latin America
ASSISTANCE
30 June 2022 First EAGE Guyana-Suriname Basin Conference
PROGRAMME FOR MEMBERS
30 June 2022 2nd EAGE Workshop on Fiber Optic Sensing for Energy Applications 1 July 2022 Second EAGE Workshop on EOR in Latin America
12 August 2022 Second EAGE Workshop on East Canada Offshore Exploration
VOLUME
3rd EAGE Marine Acquisition Workshop 15 June 2022: Early Registration 15 July 2022: Regular Registration
Near Surface Geoscience Conference & Exhibition 2022 22 July 2022: Early Registration 22 August 2022: Regular Registration Sixth International Conference on Fault and Top Seals 31 July 2022: Early Registration 31 August 2022: Regular Registration ECMOR 2022 31 August 2022: Regular Registration
15 August 2022 3rd EAGE Global Energy Transition Conference & Exhibition (GET 2022)
I
D E AD LI N E S 2 0 2 2
Fourth HGS/EAGE Conference on Latin America 12 July 2022: Early Registration 12 August 2022: Regular Registration
29 June 2022 Third EAGE Marine Acquisition Workshop (posters only)
BREAK
R E G I S TR ATI O N
Second EAGE Workshop on Advanced Seismic Solutions in the Gulf of Mexico 4 July 2022: Early Registration 4 August 2022: Regular Registration
23 June 2022 Second EAGE Workshop on Advanced Seismic Solution in the Gulf of Mexico
FIRST
Energy Transition
40
Scan this code for more details and how to apply
I
JUNE
2022
3rd EAGE Global Energy Transition Conference & Exhibitionn (GET 2022) 15 September 2022: Early Registration 31 October 2022: Regular Registration
CROSSTALK BY AN D R E W M c BAR N E T
B
U
S
I
N
E
S
S
•
P
E
O
P
L
E
•
T
E
C
H
N
O
L
O
G
Y
Tale of two anniversaries Few industries have experienced a history as tumultuous as the An account in CGG’s publication Journey into the Earth 1931geophysical services business. Countless companies have been 1990 describes the early days of refractory surveying in challenging launched with high hopes only to have them dashed, often on Equatorial African conditions. ‘The juggies would unroll a cable the rocks of a downturn in the business. All the more remarkable along the line and attach the geophones to it. The whole apparatus therefore that CGG has endured, and this year is celebrating 90 was then connected to a recording unit. At this point a shooter exploded hundreds of pounds of explosives. Perched like an acrobat years in business, albeit a lesser entity than at some times in the past. By contrast the newest significant entrant into today’s seismic on two wagon wheels, the recorder amplified and recorded the marketplace is Dubai-based marine seismic contractor PXGEO. The information from the geophones and converted it into traces or plots company has just passed the one-year mark in business. Although a on photographic film … Up to six readings could be obtained in a chasm of history separates the two companies, both were born out day. For the surveyor it was a matter of striking a balance between of crisis. the science of geophysics and the alchemy of resourcefulness.’ CGG began life as the result of a distress merger of two comWorn-out crew members were rewarded with a bonus of 160% on panies in 1931 two years into the Great Depression, before which their return home, not surprising since the average expedition took French companies were beginning to exploit the opportunities to up to a year without a break. meet the growing demand for oil in the dawning age of the motor Since those early days CGG has experienced all kinds of twists of fortune. The Second World War severely car and industrial uses of petroleum products. In Germany Ludger Mintrop in 1921 had formed limited the company’s operations, although in ‘Both companies Seismos, the first European commercial com1939 the company could celebrate its contriwere born out bution to finding the first oil in the Aquitaine pany dedicated to explore for oil and gas using of crisis’ seismic. Compagnie Française des Pétroles, the Basin. Cyclical crises as the result of fluctuating predecessor to TotalEnergies, was founded in oil price impacted the company in 1953, 59, 1924, and two years later the Schlumberger brothers Conrad and 66, 73, and 79. It survived the severe industry downturn of 1986 Marcel formed Société de Prospection Electrique (SPE) offering sufficiently undiminished to remain a major global contender in what would become well-logging services. land seismic, data processing (the company bought its first Cray in But the financial consequences of what we know as the Great 1984) and airborne surveys. Depression forced the Schlumberger brothers to combine SPE with Arguably its heyday was in the 1950s and its African desert another company Société Géophysíque de Recherches Minieres campaigns, particularly the finds which established the Algerian (SGRM), both involved in compatible operations including by this oil and gas industry. In Geophysics in the affairs of mankind: a time land seismic (using the refractory method). Out of the crisis, personalized history of exploration Geophysics (L.C. (Lee) Lawyer, a new enterprise was born: Compagnie Générale de Géophysíque Charles C. Bates, and Robert B. Rice, 2nd Edition, 2001), the (CGG). It was accorded all the rights to the subsurface business authors write: ‘Just a quarter of a century after the end of World while SPE retained the logging. By the late 1930s the company’s War II, CGG had 5000 full-time employees, seven survey vessels, technology portfolio included reflection and refractory seismic, seven mainframe computers, 100 field recording units (digital), gravimetry (Thyssen) and the telluric technique keeping CGG 120 truck-mounted vibrators, 1260 all-terrain vehicles and 170,000 crews busy in West Africa, North America, Europe and the Soviet geophones’. In addition CGG’s Société d’Etudes Recherches Union. et Construction Electroniques (Sercel), the undisputed leading
18
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
CROSSTALK
equipment manufacturer seismic acquisition for land and marine the 2007-8 rush for new, better equipped vessel capacity to meet even today, was established in 1956. booming demand and replace older units in the global fleet. A new group Eastern Echo, based in Dubai supported mainly by At the start of the 1990s CGG could legitimately claim to be in the top echelon of geophysical services companies along with Norwegian investors, announced in June 2007 a plan to enter the Schlumberger and Western Atlas. It began building marine seismic marine seismic market by building four vessels designed by Ulstein with the distinctive Ulstein X-Bow. Construction was planned for vessel capacity to challenge its rivals in this domain. Smaller acquisitions were AkerGeo in 2000 and Exploration Resources in the Barreras shipyard in Vigo, Spain with two more planned for 2005 adding five vessels to its modest fleet. building in Dubai plus options on a further two. In an extraordinary turn of events Schlumberger unexpectedIts big move came in 2006 as industry seismic demand was ly made a bid eventually acquiring all the shares in Eastern Echo surging in the post-2000 cyclical downturn that had witnessed and its entire vessel-building plan. Even more major oil company consolidation. The company ‘CGG … remains startling, by May 2008 only months later, a bought the Canadian company Veritas DGC new group calling itself Polarcus announced for $3.1 billion. The merger (for a time CGGa significant a that it would be building six Ulstein design Veritas) had combined sales of $1.71 million significant player in vessels, another was added later. Once again overtaking WesternGeco and PGS to create based in Dubai, the investors and management the biggest company in the seismic business the marketplace’ of the new company, were essentially a mirror boasting a total workforce of 7,000 employees, of the previous Eastern Echo team. Polarcus, with its distinctive operating a fleet of 20 vessels, 14 of them 3D capable. green (environmentally friendly) livery and cost-efficient operaAt the time CGG’s CEO Robert Brunck told First Break: ‘ I can tional sales pitch, had looked to have weathered the worst of the only speak about what I have seen or experienced personally, but I 2014-2021 recession in the market, exacerbated by the Covid would agree that CGG literally missed the boat in the early 1990s. pandemic, and was hopeful of restructuring the legacy debt it was At that time the company failed to realize the importance of the global offshore seismic market and Sercel was under-performing.’ struggling with. However, in January 2021, the company was put into bankBrunck identified the turning point for CGG as the mid-1990s ruptcy by its lenders. Shortly after, six Polarcus vessels were sold under his predecessor Yves Lesage. This was when the company to Shearwater Geoservices, but that is another story. The interesting began to focus on building up its 3D marine seismic operations and outcome was that by May a new company had been born, once developing its seismic acquisition manufacturing subsidiary Sercel’. again based in Dubai, with a core of the previous Polarcus manCGG continued on the acquisition trail in December 2008 by agement and Norwegian financial backing. outbidding TGS to buy an industry newcomer Wavefield Inseis In a series of bold moves in an edgy, if potentially promising, for $310 million that came with six vessels. The company had market, PXGEO has seemingly already established its presence also ordered two Ulstein design SX-120 vessels delivered in 2010. after only a year with all its existing seismic acquisition units Finally in 2013 the company decided to take advantage of Fugro’s working globally. Better still, it is operating with none of the debt exit from the market by buying its geoscience division that operated that has plagued so many marine seismic ventures in the past. four modern 4D vessels plus a 40% interest in Seabed Geosolutions, The company has had the money to bare-boat charter one the ocean seabed seismic company. eight-streamer vessel (ironically formerly in the Polarcus fleet) and As is well known since the last boom days for marine seismic a 14-streamer 4D seismic vessel (previously Fa Xian 6). In addition ended with the drying up of orders in 2014, CGG along with its it bought Seabed Geosolutions from Fugro. This brought with it the competitors has been engaged in a lengthy period of financial state of the art Manta ocean bottom node (OBN) seismic acquisirestructuring and painful downsizing. A different looking company tion system, particularly suited for the deepwater survey projects today, it remains a significant player in the marketplace. All interest in demand globally from oil company clients. The first PXGEO in operating vessels has been divested, its land seismic operations seabed crew was already at work offshore Brazil last August. and airborne surveys have gone, plus a number of other departments The company believes it is well positioned to offer flexible including most recently its GeoSoftware and Multiphysics units. survey combinations deploying either or both towed-streamer With less debt, the company has been repositioning itself chamand OBN options. It also believes that it is equipped to serve pioning its readiness for the energy transition era with a portfolio investigation of sites for offshore wind power and carbon capture of data and IT services, multi-client data projects, and sensing and and storage facilities. monitoring relevant for a range of activities including renewables, There may be nothing to learn from these two unlikely carbon capture and storage, mining and other industries beyond oil anniversaries apart from the obvious observation that it takes a lot and gas. of ingenuity, talent and survival skills to last in the geophysical The PXGEO story is of course a good deal shorter but services business. nonetheless remarkable in its was. It can trace its beginnings to
Views expressed in Crosstalk are solely those of the author, who can be contacted at andrew@andrewmcbarnet.com.
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
19
HIGHLIGHTS
INDUSTRY NEWS
24
Record offshore wind additions in Europe
28
12
PGS reprocesses SNS data
SLB reports on gender pay gap
Big energy companies set for record profits but spending remains low, says Rystad
Espen Erlingsen, Rystad Energy’s head of upstream research.
Public exploration and production (E&P) companies are on track to shatter previous record profits this year as high oil and gas prices and surging demand drive financial success. As big energy companies such as Shell, Equinor, bp and TotalEnergies posted their best first-quarter profits for many years, Rystad Energy research shows that total free cash flow (FCF) will surge to $834 billion, a 70% increase from $493 billion of profits in 2021. However, Rystad warned that rapidly improving balance sheets would not immediately translate on higher spending on seismic surveys and other exploration activities as the big energy companies continue to prioritise paying down debt and rewarding shareholders. Total FCF from public E&Ps fell to around $126 billion in 2020 as a result of the Covid-19 pandemic and the ensuing
oil price collapse, halving the prior year’s total. As the global economy rebounded and fuel demand increased, last year’s FCF levels surged to nearly $500 billion, the highest profits ever for the upstream industry. ‘The good times are set to get even better this year, thanks to a perfect storm of factors pushing profits and cash flow to another record high in 2022,’ said Espen Erlingsen, Rystad Energy’s head of upstream research. The main contributing factor to these glowing financials is sustained high oil and gas prices. With average Brent oil prices estimated at $111 per barrel in 2022, a Henry Hub gas price at $4.2 per thousand cubic feet (Mcf) and a European gas price of $25 per Mcf, total FCF for public upstream companies will reach $834 billion this year. Cash from operations is expected to break the $1 trillion threshold for the first time. The $1.1 trillion projected annual total is a 56% jump from 2021 levels of $719 billion, which was the highest yearly total since 2014. Cash from operations is typically used to fund new investments and financial costs, such as debt payments and dividends. In 2020, cash from operations dropped by almost $200 billion, or around 35%. As a result, investments also dropped in 2020, falling by almost $100 billion or around 30%. FIRST
However, investments are not expected to grow significantly this year, inching up to $286 billion from $258 billion in 2021. The investment ratio shows the disparity between record cash flow and profits, and the portion of those windfalls that are reinvested. This ratio has fluctuated during the past decade, averaging around 72%. This year, however, the projected investment ratio is expected to plunge to 26%, the lowest since the early 1980s. The meagre investment ratio and soaring FCF indicate that public E&P companies will have significant cash available to pay down debt or pay dividends to shareholders. Much of last year’s profit was spent on reducing debt, which has left upstream operators in a very healthy financial position, said Rystad. The upshot of this is that a significant portion of the vast profits anticipated this year will likely be paid out to shareholders. Almost all the large public E&P companies will have an investment ratio between 20% and 30% in 2022. US independent Occidental Petroleum has the lowest ratio of about 20%, while US major ExxonMobil is expected to see the most significant increase in FCF in 2022, growing by about $18 billion. Compatriot independent Hess is an outlier among these companies with an investment ratio of around 45%, due to the company’s plans to ramp up investments in Guyana and the core US shale patch of the Bakken. BREAK
I
VOLUME
40
I
JUNE
2022
21
INDUSTRY NEWS
PGS reports first quarter loss of $49 million PGS reported a first quarter net loss of $49 million on revenues of $136 million compared to a net loss of $39 million on revenues of $165 million in Q1 2021. Q1 operating loss was $20 million compared to $5 million in 2021. Contract seismic revenues significantly improved in Q1 to $65.5 million compared to $25.5 million in 2021, which PGS said was due to a recovering seismic contract market with improved rates and more capacity allocated to contract work. However, multi-client revenue dropped off considerably. Prefunding revenues of $15 million were down from $80 million in 2021, which PGS attributed to a ‘low volume of multi-client projects finalized and delivered to clients in the quarter’. Multi-client late sales of $55 million were an improvement on $49 million in Q1 and were highest in Europe and Asia. ‘There is a re-emerging exploration interest among energy companies and good demand for multi-client data library in mature areas,’ said PGS. ‘However, the market is still characterized by a cautious spending pattern and deferral of purchases by some customers.’
Cost of sales was $93.5 million compared to £78 million in 2021 as a result of higher fuel prices. Cash flow from operations of $63.4 million compared to $88.6 million in Q1 2021. Net interest-bearing debt at the end of the first quarter was $1.05 billion compared to $1.1 billion in 2021. Rune Olav Pedersen, president and chief executive officer, said that contract business was still low despite the year on year increase: ‘Volumes of contract jobs were low during the winter season, which negatively impacted our vessel utilization. We entered Q1 with three idle vessels. One vessel commenced on a contract job in West Africa in February, while activity levels did not support operating the two other vessels. ‘Our multi-client late sales revenues in Q1 increased 11% year-over-year, continuing our positive multi-client late sales performance from 2021. Acquisition of new multi-client data was limited to the Sarawak project in Malaysia, which we acquired jointly with TGS and Schlumberger. Multi-client pre-funding revenues were low in Q1 as we did not finalize and deliver any significant projects in the quarter.
‘As we enter the summer season, we expect vessel utilization to improve and to operate all our six active vessels from early Q2. We believe that the contract market will improve further this year. We are experiencing increasing demand for our multi-client data from a re-emerging exploration interest among our clients, and we expect multi-client late sales to increase in 2022, compared to 2021. ‘I am enthusiastic about the progress of our New Energy business. We have been awarded two acquisition contracts for development of the Endurance and the Northern Lights CCS projects. Further, we have gained access to the market leading P-cable system, which we believe will be valuable in the offshore wind and other applications requiring ultra-high resolution, and we have agreed with deepC Store Limited to co-develop a carbon storage project offshore Australia. ‘We expect solid cash flow generation this year, but there is a risk that we may not generate sufficient cash flow to make our 2022 debt amortization payments whilst also maintaining an adequate liquidity reserve. We are working with our advisers to find the best possible solution to address these matters.’
Shearwater wins 3D survey from Eni to assess carbon storage offshore UK Shearwater GeoServices has won a 3D multiple technology integrated geophysical survey from client Eni to assess carbon storage in Liverpool Bay, England. The surveys will involve both bathymetric and 3D seismic surveys to give high-resolution imaging of the overburden, as well as very high-resolution data for analysis of the seabed and shallow geology. A specialised shallow water seismic node crew will be utilised for operations in the shallow water areas. The first survey is over the Hamilton and North Hamilton fields, and
22
FIRST
BREAK
I
VOLUME
40
I
JUNE
Shearwater has been given the option of a second survey over the Lennox field. The fields are covered by a carbon dioxide (CO2) appraisal and storage licence (CS licence), where Eni intends to reuse and repurpose depleted hydrocarbon reservoirs and associated infrastructure to permanently store CO2 emissions captured from the pre-existing local ‘hard to abate’ industries and the future production sites of low carbon hydrogen in the industrial district of NW England and North Wales.
2022
‘We are delighted to conduct this survey work for Eni, advancing UK carbon storage by deploying towed streamer, shallow water node, and very-high resolution methods,’ said Irene Waage Basili, CEO of Shearwater. ‘Seismic surveys provide a safe non-invasive method for appraising CO2 storage sites, and monitoring storage integrity throughout their life.’ The surveys will be conducted by the vessel SW Bly, with each survey taking just under one-month to complete.
INDUSTRY NEWS
ION Geophysical files for bankruptcy ION Geophysical has filed for voluntary Chapter 11 relief in the US Bankruptcy Court for the Southern District of Texas as a result of continued weak seismic data customer demand.
The company made the announcement after missing $12.3 million of scheduled bond and debt repayments. As a result, ION has entered into a Restructuring Support Agreement (RSA) with the lenders under its credit agreement and holders of approx. 80% of its 2025 Notes, whereby the parties agreed to support the company’s Chapter 11 plan of reorganization. Consenting creditors to the RSA (all its senior lenders and 80% of junior creditors) have agreed on a debt-for-equity exchange paired with the potential sale of certain assets to one or more third parties or a sale of substantially all of its assets. ‘Under the terms of the RSA, ION will continue its solicitation of interest from third parties in potential sale transactions involving the company designed to maximize the value of the company’s assets through an open and transparent process that enables interested buyers to submit bids for assets. ‘The company has also secured $2.5 million in debtor-in-possession
financing that, along with normal operating cash flows, should support operations during the process. Therefore, ION expects to continue delivering excellent service quality with little to no expected disruption to clients.’ However, lawyers representing the company’s unsecured creditors have warned the US Bankruptcy Court in Houston that they intend to challenge its chapter 11 restructuring unless the company agrees to make changes to the plan that they claim would effectively hand control of the business to junior bondholders. The committee said that it believed the restructuring was being unfairly steered by a group of bondholders, including Gates Capital Management, which also owns equity in the company. At the end of the third quarter of 2021, the company had cash and cash equivalents of $24.1 million and outstanding long-term debt of $142.7 million. However, during the first nine months of 2021, ION generated negative free cash flow of $34.3 million. In December, 2021, ION elected to miss payment of the outstanding principal and interest (a combined total of $7.7 million) on its 9.125% Notes as well as the interest payment (totalling $4.6 million) on its 8% Senior Secured Second Priority Notes due in 2025 that were payable on 16 December. As a result, the company has sought permission with the Bankruptcy Court to continue operations, including paying employees and continuing existing benefit programmes and meeting commitments to customers, suppliers, employees, and other stakeholders. The company blamed the impact of the decline in energy prices caused by the Covid-19 pandemic and sustained low spending by big energy companies. Its core seismic market has still not recovered with energy companies focusing on legacy projects and existing commitments despite the rise in oil prices, it said. It received a $7 million loan from the US federal government programme to protect businesses during the pandemic. It reported revenues of $118 million in 2021 and employs 182 people, a reduction of 45% since 2020. FIRST
BREAK
TGS0622.indd 1
I
VOLUME
40
I
JUNE
2022
23
09/05/2022 16:17
INDUSTRY NEWS
Europe set for record offshore wind capacity additions in 2022 New offshore wind capacity in Europe will to hit a record 4 gigawatts (GW) for the first time, more than doubling additions in 2021, Rystad Energy research shows. The continent’s capacity additions in 2022 will hit 4.2 GW, beating the 2021 total of 1.8 GW and topping the previous annual record of 3.8 GW set in 2019. Capacity additions are expected to almost double again in 2023 to 7.3 GW and jump to 8.6 GW in 2025. Annual capacity additions in 2024 are expected to slow down due to project timing, but high construction activity is likely to lead to the projected record-high commissioning numbers for 2025. The record-high capacity additions will be driven primarily by UK projects that will add 3.2 GW of capacity, beating the previous record of 2.1 GW set in 2018. The acceleration of installed capacity in the country comes from three large projects that are expected to be fully commissioned in 2022 and that will be the three most significant projects in Europe in 2022. ‘Europe is the world’s most mature offshore wind region, but Chinese installations have dominated global additions in recent years. Chinese projects represented 85% of all global capacity additions in 2021, with Europe only
contributing 10%. But that looks set to change this year, and the continent is expected to continue ramping up capacity additions through the end of the decade,’ said Rystad Energy offshore wind analyst Anubhav Venkatesh. Offshore UK projects set to be fully commissioned in 2022 include Danish company Orsted’s 1.4 GW Hornsea Two, which will be the largest offshore wind project in the world when operational. The Moray East development – majority owned by Ocean Winds, a joint venture between France’s Engie and Spain’s EDP Renewables – will be the second-largest
project globally when commissioned later this year. German renewable powerhouse RWE is expected to be the second-largest contributor of wind capacity additions with its majority-owned Triton Knoll in the UK. Behind the UK, France will be the second-largest contributor to capacity additions in Europe this year, with the country commissioning its first commercial offshore wind project totalling 480 megawatts (MW). The country is expected to add 3 GW of capacity between 2022 and 2025. After adding no wind capacity in 2021, Germany is now set to restart installations, led by the 342 MW Kaskasi project. Norway will commission the 88 MW Hywind Tampen floating project, which will be the largest floating offshore wind installation of its kind globally. This year, Italy will commission its first offshore wind farm, the 30 MW Taranto project, while Spain is expected to contribute capacity additions with its floating demonstration projects, said Rystad. Dutch capacity additions will resume in 2023, while Danish projects will add around 1.5 GW of capacity between 2023 and 2025. Poland is expected to commission its first offshore wind farm in 2025, contributing around 1.4 GW of Europe’s new capacity.
Searcher to shoot surveys in Oman Searcher Seismic has signed a deal with the government of Oman to acquire several seismic surveys and reprocess legacy seismic data both offshore and onshore Oman.
Oman survey targets.
24
FIRST
BREAK
I
VOLUME
40
I
JUNE
Reprocessing of offshore legacy data in the Sea of Oman has commenced already and DUG Technology has applied a modern broadband processing sequence using multiple removal technologies. ‘Improving the imaging of the remarkable geology offshore Oman is both resolving uncertainties in the thrusts and fold belt plays and imaging the hitherto illusive stratigraphy below the decollement surface,’ said Searcher in a statement. ‘These insights are revealing an exciting oil prospectivity with unexplored yet significant resource potential.’ 2022
Searcher envisages that the whole 2D and 3D dataset will be reprocessed in cooperation with MEM, in addition to acquisition of new 2D and 3D seismic data in 2022/23. The offshore Oman 2D and 3D rectification project is already complete consisting of 32,000 km of 2D plus 2500 km2 of 3D legacy data which has been rectified using Searcher’s proprietary post-stack reprocessing method. The latest data package resolves issues with navigation, metadata, amplitude, phase and time-shifts.
THE RULES ARE CHANGING REGISTER FOR UPDATES HERE
INDUSTRY NEWS
CGG reports first quarter group loss of $19 million CGG reported a group loss of $19 million on IFRS revenues of $175 million in the first quarter of 2022, compared to a group loss of $85 million on revenues of 209 million in Q1 2021. Operating profit was $11 million compared to an operating loss of $21 million in Q1 2021. Segment revenue of $153 million, with an operating loss of $4 million, compared to $213 million with an operating loss of $19 million in Q1 2021. Digital, Data and Energy Transition (formerly Geophysics, Geology and Reservoir) income of $119 million was up from $100 million in Q1 2021. Geoscience income was $75 million (up from £66 million in Q1 2021). ‘Geoscience had a very solid activity led by North America and EAME,’ said CGG. ‘The level of commercial activity continues to increase and was up 51% year-on-year sustained by demand for OBN/OBC imaging and new technologies. Some of our processing centres are running at near full capacity.’ Earth Data (formerly Multi-Client) income was £44 million (up from $34 million) with $14 million prefunded at a rate of 42% (compared to $15 million in 2021) and $30 million in after sales (up
Sophie Zurquiyah, CGG CEO.
from $19 million) mainly driven by the North Sea and US Land. Over the quarter CGG started the Antares marine streamer programme offshore Brazil. Sensing and Monitoring (formerly Equipment) revenue of $34 million was down from $113 milllion in Q1 2021. Land sales of $20 million were down from $100 million in Q1 2021. ‘The low level of land equipment sales at $20 million was due to sales shifting to Q2/H2,’ said CGG. ‘A large tender for land and OBN mega-crews is confirmed in Saudi Arabia for late 2022 /H1 2023.’
Marine equipment sales of $6 million ($7 million in 2021) were limited to equipment repairs. CGG added that there was ‘significant commercial opportunities’ for OBN equipment deliveries in H2 2022. The group’s liquidity was $388 million and net debt was $807 million. Sophie Zurquiyah, CGG CEO, said: ‘In the continued strengthening market environment, our Geoscience business had a robust quarter and is leading the recovery, driven by our clients’ requirements for better sub-surface imaging technology. Our Earth Data (ex-Multi-Client) business is progressively benefiting from our clients’ increasing need to rapidly replace depleting reserves. As anticipated, activity was seasonally low in our Sensing and Monitoring (ex-Equipment) business, which had a slow start to the year. At the end of March, the level of commercial bids significantly increased, and we expect an acceleration of our clients’ decision-making and spending, particularly in the second half of the year.’ Meanwhile, CGG has completed the sale and leaseback of Galileo, its headquarters building in the Parisien commune of Massy, France for 59 million euros ($62 million).
Norway plans to reduce confidentiality clauses for geophysical data The Norwegian Petroleum Directorate (NPD) has published a definition of the term ‘interpreted data’ that does not include processed geophysical data and will shorten the confidentiality obligation for much of the data acquired in the region. ‘Interpreted data shall mean products that are the result of a discretionary professional assessment, and which are of sufficient quality to form a basis for decisions in the production licence. Processed geophysical data, measured well data or depictions thereof are not considered to be interpreted data,’ said Arne Jacobsen, the NPD’s assistant 26
FIRST
BREAK
I
VOLUME
40
I
JUNE
director for technology, analysis and coexistence. ‘Establishing a precise definition helps to ensure that data can be reported in an efficient and correct manner, and not least that more data can be available earlier,’ Jacobsen added. As regards interpreted data, the confidentiality obligation lasts 20 years, while for non-interpreted data, the obligation lasts for 2, 5 or 10 years, depending on certain conditions, counting from when the data became available to the data owner. The new definition will have an impact on guidelines for reporting well 2022
data (Blue Book) and reporting geophysical data (Yellow Book) and will apply for data already submitted. The NPD has initiated a process to review previously reported data. As a result of the clarification around 30 data types subject to mandatory reporting from the Blue Book will be reclassified from interpreted to non-interpreted data. The NPD has also submitted a recommendation to Norway’s Ministry of Petroleum and Energy for a shortened confidentiality obligation for interpreted data.
INDUSTRY NEWS
Big energy companies post huge first quarter profits after spike in oil prices Big energy companies have posted their best first quarter profits for several years. Shell has reported record first-quarter profit of $9.13 billion as a result of the spike in oil and gas prices. It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia. It is also winding down oil and gas trading with Russia. BP has reported underlying replacement cost profit of $6.2 billion, a big increase on $4.1 billion in the fourth quarter of 2021 and $2.6 billion in the first quarter of 2021. However, the company has reported a first quarter net loss of $20.4 billion as a result of the company’s decision to write off its
shareholding in the Russian company Roseneft. Higher profits were driven by exceptional oil and gas trading as a result of higher prices after Russia’s invasion of Ukraine in February. BP reported an operating cash flow of $8.2 billion during the first quarter, compared to $6.1 billion in 4Q 2021 and 1Q 2021, and a surplus cash flow of $4.1 billion, compared to $2.9 billion in Q4 2021 and $1.6 billion in Q1 2021. The company’s net debt is reported to have fallen to $27.5 billion at the end of the first quarter of 2022. This figure stood at $30.6 billion in Q4 2021 and $33.3 billion in Q1 2021. Equinor has reported adjusted first quarter earnings of $18 billion. Operating
income was $18.4 billion and IFRS net income was $4.71 billion. TotalEnergies has reported net income of $4.9 billion after the French company’s first quarter profits were impaired by a $4.1 billion writedown from its discontinued operations in Russia related to the Arctic LNG2 project. Chevron reported Q1 earnings of $6.3 billion, compared to $1.4 billion in Q1 2021. Sales and other operating revenues were $52 billion, compared to $31 billion in Q1 2021. ExxonMobil reported first quarter earnings of $5.5 billion (up from $2.7 billion in Q1 2021), which included a $3.4 billion writedown of the company’s exit from the Russian Sakhalin-1 project.
Sharp Reflections launches time-lapse seismic tool to improve 4D data analysis
Bill Shea, CEO, Sharp Reflections.
Sharp Reflections has launched its Foundation Project V (FP-V) initiative that aims to establish PreStack Pro as a leading platform for time-lapse seismic analysis. The initiative builds on an R&D project which created a 4D seismic data infrastructure, 4D post-migration seismic processing and 4D data display capabilities. Sharp Reflections now plans to develop a complete solution for efficient analysis of pre-stack and multi-vintage 4D seismic data sets. ‘Quantitative tools for efficient 4D seismic analysis in PreStack Pro’, its collaborative R&D programme, is supported by ConocoPhillips; Equinor
ExxonMobil; Hess; Lundin; Petrobras; TotalEnergies; Vår Energi and Wintershall DEA. Sharp Reflections will now work with FP-V partners to develop software tools to rapidly analyse production-induced changes in seismic travel times and amplitudes in pre-stack seismic data. Its team will test these methods on field datasets and integrate the new methods into sponsors’ workflows. Outcomes will provide operators with a better understanding of subsurface fluid and pressure changes in reservoirs, and aid in their field management and production management decision making, Sharp said. The 4D seismic data analysis tools include pre-stack timeshift estimation and analysis methods, as well as 4D inversion capabilities to detect reservoir property changes. These tools are augmented by new functionality for scenario modelling of the expected 4D response, and enhanced display tools for rapid visualization of maps of 4D seismic property
FIRST
changes across all 4D vintages using a multi-surface, multi-layer framework. Finally, to further boost efficiency in working with seismic data, the project will create improved data exchange capabilities in PreStack Pro compatible with the (Open Subsurface Data Universe) OSDU platform. Sharp Reflections will work closely with the world-renowned Edinburgh Time-Lapse Partnership (ETLP) at Heriot-Watt University and is also providing PreStack Pro software to ETLP students for the development of 4D workflows. Bill Shea, CEO, Sharp Reflections, said: ‘There is significant potential to improve quantitative pre-stack 4D seismic analysis. This work will help interpretation teams efficiently analyse 4D data to make timely well placement decisions in fields with active drilling campaigns. If the project is successful, we will significantly reduce the time required for 4D data analysis, while helping our clients extract more information from the data.’
BREAK
I
VOLUME
40
I
JUNE
2022
27
INDUSTRY NEWS
PGS reprocesses 10,000 km2 of Southern North Sea data PGS’ Southern North Sea Vision data rejuvenation project will target a mature gas province in the central Southern North Sea area, with a parallel focus on post-salt carbon storage potential in the Bunter formation. Data will be ready in spring 2023. The 10,000 km2 PSDM reprocessing will deliver a single data volume and will bring new insights into the prospectivity of this prolific gas production area, said PGS. It will also provide a valuable base for energy transition-related subsurface assessments for CCS, subsurface energy storage, and regional shallow subsurface understanding, the company added.
Processing will include 2 ms high-resolution broadband processing and depth conversion based on full waveform inversion (FWI). ‘The goals of the SNS Vision project are to address the challenges associated with the imaging of the salt and pre-salt prospective intervals, which will be key to releasing nearfield and new energy potential,’ said Sónia Pereira, VP data sales Europe at PGS. ‘Higher-resolution imaging will target the challenges linked to CCS and subsurface energy storage, either in depleted fields, aquifers, or in the salt. Additional prod-
Ramform Atlas is shooting a 6000 km2 survey in the North Sea.
Several vintage datasets in the area will benefit from merging and reprocessing. The data rejuvenation workflows are built on the knowledge acquired by PGS during two Vision projects in other areas, PGS said.
ucts will be delivered to assist in the evaluation of potential post-salt CCS sites.’ Meanwhile, PGS has announced that 3D seismic depth data is ready on its FSB Vision rejuvenation project targeting
the prolific West of Shetland petroleum exploration and production area. ‘The simultaneous inversion of refractions and reflection within FWI has delivered a detailed and conformable velocity model and dramatically improved the final data quality,’ said Sónia Pereira, VP data sales Europe at PGS. The Faroes Shetland Basin area is characterized by a complex structural and geological history, which gives rise to multiple petroleum plays but also creates several features obstructing subsurface imaging based on reflection seismic data, added PGS. ‘The evaluation of these plays will benefit from access to FSB Vision data, which has been created by merging and broadband reprocessing conventional and GeoStreamer 3D seismic surveys using state-of-the-art workflows,’ the company added. Finally, PGS has secured ‘solid’ industry pre-funding for a 6000 km2 multi-client 3D survey on the northwest shelf of the Norwegian Sea. The Ramform Atlas is scheduled to start the survey on 10 May. ‘This is the first large-scale multi-client survey we are acquiring offshore Norway since 2020, as we experience increasing demand for high-fidelity multi-client data from renewed exploration interest among our clients. Ramform Atlas will acquire approximately 6000 km2 of GeoStreamer data in a second azimuth to existing GeoStreamer multi-client data in the region yielding a dual azimuth product,’ said president and CEO of PGS, Rune Olav Pedersen.
Schlumberger opens AI centre in Oslo Schlumberger has expanded its global Innovation Factori network by opening a artificial intelligence analytics centre in Oslo, Norway. Through its partnership with Dataiku, a specialist in ‘Every Day AI,’ Schlumberger will enable clients to leverage a single, centralized platform 28
FIRST
BREAK
I
VOLUME
40
I
JUNE
to design, deploy, govern, and manage AI and analytics applications. ‘At Innovation Factori customer teams will benefit from an agile, collaborative development approach with our domain and data science experts to address their strategic demands, such as drilling automation, digital twins for production opti2022
mization, and carbon capture and storage modelling,’ said Rajeev Sonthalia, president, digital & integration, Schlumberger. The latest opening comes after the company inaugurated AI centres in Rio, Brazil, and Houston, Texas, complementing a network of experts in Abu Dhabi, Beijing and Kuala Lumpur.
INDUSTRY NEWS
Magseis Fairfield reports third quarter net loss of $12 million
Magseis Fairfield has won a 4D Ocean Bottom Node (OBN) survey in the US Gulf of Mexico.
Magseis Fairfield has reported a net loss of $12.2 million on revenues of $75.2 million in the first quarter of 2022. Gross profit was $8.4 million, EBITDA $3.1 million and the company made an operating loss of $9 million. The quarter was driven by seasonally lower activity and weak results from the Gulf of Mexico project which was delayed due to bad weather and environmental conditions, said Magseis Fairfield. Order backlog was $257 million with three new contract wins in the quarter. ‘The market continues to improve, and we will operate at close to full capacity in the second quarter. The positive market outlook has been reinforced with the increasing focus on energy security, and we see higher margins and generally better terms and conditions for the pro-
jects in the market. We believe our market will approach a value of around $1 billion in 2023 with Magseis Fairfield uniquely positioned to offer OBN solutions in this growth market,’ said Carel Hooijkaas, CEO of Magseis Fairfield. ‘The Q1 results were heavily impacted by the weather and environmental conditions on the ZXPLR1 crew in the Gulf of Mexico. This contract was signed in early 2021 during very different market conditions. With the current tightening market conditions, the company is seeking to improve terms and conditions as well as pricing. Excluding the ZXPLR1 crew the gross margin was 23%. ‘The company sees 25% market growth in 2022, with about 70% of the visible projects awarded so far. Key opportunities remain in Europe, the Americas and Asia. ‘To support higher activity and the mobilization of all crews, the company has strengthened its liquidity position. The revolving credit facility with DNB has been increased by $15 million and the underlying $30 million RCF has been extended with one year to December 2024.’ Meanwhile, Magseis Fairfield has won a 4D Ocean Bottom Node (OBN) survey in the US Gulf of Mexico for a repeat customer, with options for extensions.
Distributed Acoustic Sensing:
A SHIFT IN SEISMIC SENSING High resolution subsea seismic data recording with standard optical fibre OptoDAS interrogator provides: • dense spatial sampling (in-well and seabed) • very low noise (even with long lead-in fibres)
ExxonMobil designs carbon capture project offshore Australia ExxonMobil is undertaking early front-end engineering design studies (pre-FEED) on carbon capture and storage to reduce greenhouse gas emissions from multiple industries in the Gippsland Basin, offshore Australia. The South East Australia carbon capture and storage (SEA CCS) hub would initially use existing infrastructure to store CO2 in the depleted Bream field off the coast of Gippsland, Victoria. The company is in discussions with local industries which may be interested in accessing the SEA CCS FIRST
hub to reduce emissions from their operations. The project is designed to capture up to 2 million metric tonnes of CO2 per year. If technical and business feasibility is confirmed, the SEA CCS hub could be operational by 2025. ‘Collaboration with other industries is an important step to unlock future carbon capture and storage opportunities for Australia, with the potential for large-scale reductions in the highest emitting industrial sectors,’ said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. BREAK
I
VOLUME
40
I
JUNE
2022
29
See more at: asn.com /activities /fiber sensing
INDUSTRY NEWS
Permian basin drilling permits hit all time high due to higher production demand, says Rystad Horizontal drilling permits for new wells in the Permian Basin in the US hit an all-time high in March with 904 total permit awards, driven by elevated oil prices and production demand, Rystad Energy research shows. Weekly approved permits have hovered between 188 and 227 since March 7, 2022, an unprecedented period of high activity that pushed the four-week average to a record 210 for the week ending April 3. ‘This is a clear signal that operators in the basin are kicking into high gear on their development plans, positioning for a significant ramp-up of activity level and an acceleration in the speed of output expansion over the next few months once supply chain bottlenecks ease. The surge in permitting activity positions the industry for continuous rig count additions in the second half of 2022 and foreshadows a significant increase in supply capacity from early 2023,’ said Artem Abramov, Rystad Energy’s head of shale research. ‘Even with the caveat that many permits never get drilled and that the time from permit approval to the start of drilling varies substantially, the current per-
mit activity trend points to a continuous uptick in drilling in the coming months, said Rystad in a statement. ‘Weekly horizontal permit approvals have occasionally spiked above 200 in recent years, but the persistently elevated levels currently being seen from regulators in Texas and New Mexico are unprecedented’ The Delaware Basin ended the month with 398 approved horizontal permits – comparable to the run rate of permit activity recorded in the second quarter of 2021, supported by post-moratorium federal permit stockpiling in the New Mexico part of the Permian. Privately owned operators finished with almost 500 new horizontal drill permits approved in March – higher than the number of wells currently being drilled in the Permian in any given month by all operators. Public independent producers were awarded 410 horizontal locations compared to their usual range of 230 to 320 in recent months. Another indication that the increase in permit activity is structural is the number of permits obtained by the largest contributors to Permian permits in March relative to their typical monthly counts over the last 12 months. As many as 10
of the 22 largest contributors saw higher activity in March than their maximum monthly count between March 2021 and February 2022. Pioneer Natural Resources stood out, with 99 horizontal permits approved in March – a record high for the operator’s portfolio on a pro-forma current operatorship basis. Diamondback Energy was another public producer with unusually high activity in March, at 59, while Franklin Mountain Energy, Birch Resources and Spur Energy Partners were the most significant among private operators in terms of the number of permits in March relative to the average rate in the previous 12 months. As many as 81 unique operators got at least one new horizontal drill permit approved in the Permian last month – a record-high number of active operators, and a significant increase from the typical level of around 60 active operators per month observed in the second half of last year. Other major oil regions outside of the Permian – the Bakken, Eagle Ford and Niobrara combined – also delivered a healthy uptick, with 61 operators getting new permits in March. The Eagle Ford in South Texas contributed the most to this activity expansion.
CGG joins renowned geophysical research consortium
Research by the Centre for Geophysical Forecasting will look at the accuracy and effectiveness of CO2 storage monitoring methods using high-resolution Earth models and seismic imaging.
CGG has joined the Centre for Geophysical Forecasting, a research and innovation consortium based at the Norwegian University of Science and Technology (NTNU). The centre aims to leverage the combined expertise of its 15 members from 30
FIRST
BREAK
I
VOLUME
40
I
JUNE
a wide range of business sectors, both private and public, to ‘catalyse a new wave of geophysical capabilities, applying disruptive new technologies to novel enterprises that will be game-changers’ in the energy transition. 2022
CGG will bring its expertise in seismic modelling and imaging to the work of the consortium. More specifically, it will contribute to the development, modelling, implementation and field testing of a new subsurface imaging and monitoring system designed to support a range of energy transition activities. Dave Priestley, VP, energy transition & environment, CGG, said: ‘CGG looks forward to actively participating in the development of groundbreaking technologies, particularly in the Centre for Geophysical Forecasting’s key innovation areas of carbon capture and storage management, and geohazard monitoring and forecasting.’
A STEP CHANGE IN IMAGE RESOLUTION
The only seabed node equipped with QuietSeis MEMS sensors! ®
Nantes, France sales.nantes@sercel.com
Houston, USA sales.houston@sercel.com
www.sercel.com
ANYWHERE. ANYTIME. EVERYTIME.
INDUSTRY NEWS
Schlumberger publishes report on company’s gender pay gap
Schlumberger’s newly released 2021 Women and Pay report has shown that the company has a global pay gap of 2.68% in favour of men. The report, which Schlumberger claims is an energy industry first and plans to produce biannually, analysed pay data for Schlumberger’s salaried workforce across 80 countries, comparing female and male base salaries for similar roles and levels of responsibility. According to Schlumberger, findings showed that the pay gap was due to two main factors — an imbalance in experience, based on a historical imbalance of women in the company, and salary increments gained through seniority, which the company said mean that employees with higher tenure typically have higher pay for similar roles.
The report aims to increase transparency of the company’s pay practices and encourage Schlumberger’s gender balance targets, including its goal of having 30% women in its salaried workforce by 2030. It revealed that the percentage of salaried women at the company rose from 19.5 percent in 2017 to 22.6 percent in 2020. Carmen Rando Bejar, chief people officer at Schlumberger, said: ‘It’s clear that, in order to move the needle on gender balance, we need to increase transparency of our pay practices to help guide decision making on both internal and external equity challenges for women.’ Leila Hamza, Schlumberger’s director of diversity and inclusion, said: ‘It’s critical to identify the barriers to women’s hiring and advancement … We are committed empowering our leaders and employees of all genders to create an inclusive environment and working with industry peers to foster more equitable practices for women in the workplace.’ Schlumberger’s CEO, Olivier Le Peuch, said: ‘We are on track to reach 25% women in our salaried workforce by 2025. As we look forward, we have set our next milestone of 30% women by 2030 … To support this commitment, we have taken the decision to publish our global gender diversity benchmark report — including pay. We believe this is the first time this has been done in our industry. We hope that the transparency we provide in these findings will encourage others to do the same.’
PGS wins 4D contracts in Barents Sea PGS’s multi-year frame agreement with Equinor has secured the company contracts in the Barents Sea for the 2022 summer season. PGS has been awarded 4D GeoStreamer monitoring surveys over the Visund field in the North Sea and the Snøhvit field in the Barents Sea. The company was also recently awarded a 3D exploration survey over the Prinsen and Hassel Ferdinand prospects in the Barents Sea. Earlier this year PGS won the Northern Lights CO2 storage acquisition contract. The Equinor 2022 acquisition campaign is scheduled to start in Q2 with an estimated duration of close to 5.5 vessel months. ‘We operate in a cyclical industry with low visibility, and longerterm agreements improve our order book in a recovering seismic market. An important part of our strategy is to maintain leadership in the production 4D segment,’ said president and CEO of PGS, Rune Olav Pedersen. The company entered into the frame agreement with Equinor last year. Meanwhile, PGS has won a wide azimuth 3D acquisition contract offshore Cyprus. Mobilization is scheduled to start mid-June and acquisition is expected to complete midAugust.
CGG signs software licensing deal with Petrobras CGG has signed a five-year Geovation software licensing agreement with Petrobras. The agreement will give Petrobras geoscientists access to advanced technology innovations, including full-waveform inversion (FWI) that will significantly
32
FIRST
BREAK
I
VOLUME
40
I
JUNE
enhance its imaging capabilities for geoscientists facing increasingly complex imaging challenges such as pre-salt illumination. Peter Whiting, EVP, Geoscience, CGG, said: ‘During our 60-year operating history in Brazil, we have developed a close
2022
technology and business partnership with Petrobras which has seen CGG recognized as a key supplier. This latest expansion of our Geovation licensing agreement reflects the strength of this relationship.’ The agreement includes expert training from CGG’s GeoTraining team.
INDUSTRY NEWS
GeoSoftware upgrades reservoir characterisation software GeoSoftware has updated its machine learning and reservoir characterization workflows in its software brands, HampsonRussell, Jason and PowerLog. HampsonRussell 12.0 now includes GeoAI, which encompasses a methodology for seismic reservoir characterization with limited well control. It uses Rock Physics theory and statistical simulations to model various geological situations. A simplified machine learning approach allows users to train Convolutional Neural Networks on the simulated synthetic data and transfer learnings to real seismic to better estimate multiple rock property volumes. A new faster and more accurate spatial interpolation method speeds up Strata model building and horizon/ slice-related operations. New tools for the interactive analysis of Amplitude Spectrum and Radon Transform allow fast data evaluation. Geoview adds automated multi-well correlation providing fast welltie quality control analysis for many wells, saving time in projects with many wells.
BRIEFS
Jason Workbench 11.1 now offers intuitive angle-dependent, multi-well wavelet estimation. It can estimate wavelets for all partial stacks simultaneously with automatic well alignment and broadband capability. It also includes a new interactive vertical trend editor in RockMod along with improved performance in complex modelling. Enhancements in RockTrace inversion include improved QCs and automatic and interactive parameter design. Facies-driven low frequency modelling for inversions are now quickly accomplished with a dedicated application, said GeoSoftware. PowerLog 11.1 delivers easier to use automation and analytics that significantly reduce log editing time to leave more time for interpretation. A fully integrated automated log editing package within PowerLog includes capabilities such as automated depth matching, outlier detection, log patching and similarity analysis for simple and quicker log data conditioning.
US sets new conditions for land oil and gas lease sales
Energy companies will pay higher royalties of 18.75% for oil and gas leases. Credit: Terry McGraw from Pixabay.
The US Bureau of Land Management has issued final environmental assessments and sale notices for upcoming oil and gas lease sales. The lease sales will incorporate many of the recommendations from a strategic review including analysis of GHG emissions, and a first-ever increase in the royalty rate for new competitive leases to 18.75%.
The BLM assessed potential acreage in Alabama, Colorado, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Utah and Wyoming. It analysed 646 parcels on roughly 733,000 acres that had been previously nominated for leasing by energy companies. The final sale notices will offer approximately 173 parcels on roughly 144,000 acres, an 80% reduction from the acreage originally nominated. ‘This pragmatic approach focuses leasing on parcels near existing development and infrastructure, such as gathering lines that can help to reduce venting and flaring, and will help to conserve the resilience of intact public lands and functioning ecosystems. As a part of its environmental analysis, the agency disclosed GHG emissions and the social cost of GHG emissions’ FIRST
ScottishPower and Shell have signed lease agreements with Crown Estate Scotland for the MarramWind and CampionWind floating offshore windfarms. Among the first commercial-scale floating offshore windfarms, MarramWind (3GW) and CampionWind (2GW), off the east and north-east coasts of Scotland, will have the potential to power up to six million homes. INT has updated its IVAAP software to enhance machine learning integration and subsurface data visualization. The software update leverages INT’s partnerships with the OSDU Data Platform and other data platforms such as Schlumberger’s Delfi. The platform has expanded its map-based search, data discovery, and data selection with 3D seismic volume intersection, 2D seismic overlays, reservoir, and basemap widgets to visualize all energy data types in the cloud. SPH Engineering has launched the third generation of its UgCS SkyHub hardware and an update of its UgCS SkyHub software. The hardware is a UAV onboard computer to support the collection of data from diverse sensors. The latest UgCS SkyHub does not require a separate battery or power circuit for the sensors. Chevron has brought a 50% stake from joint venture partners Talos Energy and Carbonvert in the Bayou Bend CCS offshore hub in Texas. The Bayou Bend CCS project site could sequester 225 to 275 million metric tonnes of carbon dioxide from industrial sources in the area. The Bayou Bend CCS lease is the first and only offshore lease in the US dedicated to CO2 sequestration. Equinor is extending its contracts with Baker Hughes, Halliburton and Schlumberger for integrated drilling and well services on Equinor-operated fields on the Norwegian Continental Shelf. At the same time the company is extending its contracts for additional services with the same companies and 13 other suppliers. The contracts will apply for two years from 1 June and are worth apporx $1.4 billion.
BREAK
I
VOLUME
40
I
JUNE
2022
33
INDUSTRY NEWS
Offshore wind energy leasing in California moves a step forward after environmental review The US Bureau of Ocean Management (BOEM) has given a provisional green light for wind energy leasing offshore California after completing its environmental review of potential impacts in the Humboldt Wind Energy Area (WEA), 20 miles (32 km) offshore northern California. BOEM’s environmental assessment (EA), which returned a ‘finding of no significant impact’, considered potential impacts from issuing leases within the WEA that comprises nearly 132,369 acres off the coast of Humboldt County, California. The Humboldt WEA could bring up to 1.6 GW of clean energy to the grid, enough to power approximately 560,000 homes. The EA considered potential environmental consequences of site characteriza-
BOEM found that the wind turbines would have ‘no significant impact’. Image: Unsplash/Insung Yoon.
tion activities (i.e., biological, archaeological, geological, and geophysical surveys and core samples) and site assessment
activities (i.e., installation of meteorological buoys). www.boem.gov/California.
Oil and gas round-up ExxonMobil has made three discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels. The three discoveries are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in Guyana in 2022. The Barreleye-1 well encountered approx. 70 m of hydrocarbon-bearing sandstone and was drilled in 1170 m of water. Drilling at Patwa-1 encountered 33 m of hydrocarbon-bearing sandstone and was drilled in 1925 m of water. The Lukanani-1 well encountered 35 m of hydrocarbon-bearing sandstone and was drilled in a water depth of 1240 m. Eni has discovered oil and gas in the Meleiha concessions, in Egypt’s Western Desert. The Nada E Deep 1X well encountered 60 m of net hydrocarbon pay in the Cretaceous-Jurassic Alam El Bueib and Khatatba formations, the Meleiha SE Deep 1X
34
FIRST
BREAK
I
VOLUME
40
I
JUNE
well, which found 30 m of net hydrocarbon pay in the Cretaceous-Jurassic sands of the Matruh and Khatatba formations, and the Emry Deep 21 well, which encountered 35 m of net hydrocarbon pay in the massive cretaceous sandstones of Alam El Bueib. Aker BP has been granted a drilling permit in production licence PL 1085 in the North Sea. Licensees are: Aker BP (operator) 55%; DNO Norge 25%; Petoro 20%. CGX Energy and Frontera Energy have discovered hydrocarbons in the Corentyne block offshore Guyana. The Kawa-1 well was drilled in water depth 355 m to a total depth of 6577 m in the northern portion of the Corentyne block. The joint venture encountered hydrocarbons in multiple zones extending from 4638 m in the Maastrichtian to 6568 m in the Coniacian. Every sand encountered over this interval indicated the presence of hydrocarbons. A total of 69 m of net pay was found distributed throughout
2022
the Maastrichtian (21 m), Campanian (20 m), Santonian (23 m) and Coniacian (5 m) horizons with individual pay zones up to 11 m thick. ConocoPhillips has won a drilling permit for well 6507/4-3 S in production licence PL 1064 in the Norwegian Sea. Licensees are: ConocoPhillips Skandinavia (Operator) 40%; PGNiG Upstream Norway 30%; Aker BP 20% and Equinor 10%. Equinor has won consent for exploration drilling in production licence PL 1104 in the North Sea to test a prospect named Poseidon. Water depth is 185 m. Nostra Terra’s Grant East #1 well in the Permian Basin, West Texas, has reached total depth of 975 m, just below the Clear Fork Formation. Log analysis shows the well encountered the Upper Clear Fork at 780 m and the Lower Clear Fork at 855 m with 24 ft of gross reservoir section in the Upper Clear Fork and 108 ft of gross reservoir section in the Lower Clear Fork.
Special Topic
LEADING GEOSCIENCES IN A NEW ERA The EAGE Annual Conference and Exhibition takes place in Madrid this month during a period of great flux for the energy industry. Restrictions on Russian oil and gas as a result of war in Ukraine have exacerbated what was already fast developing into a crisis of global energy supply. The onus is back on oil and gas exploration as well as green energy solutions. Innovation from the geoscience industry has never been more important. Artem Kashubin et al demonstrate the application of seismic diffraction imaging technology in mapping fault distribution. Judith Narváez et al discuss how energy companies can craft structured digital transformation strategies. Jeremy O’Brien et al explore the application of geoscience and digital techniques in diverse ways and highlight real-world cases showing this in action. Gary Kolafa discusses current and future energy problems in the light of mixing energy options and working towards a realistic transition. Eirik Larsen outlines further advances in data integration that will lead geoscience into a new era. Eduardo Barros et al investigate a semi-supervised anomaly detection approach based on auto-encoder neural networks as an alternative to circumvent limitations of the supervised classification approaches explored so far. Charles D. Beard et al demonstrate that the ambient-noise surface-wave tomographic method can accurately and inexpensively map the thickness of sedimentary cover that obscures potentially mineralised regions globally. Neil Hodgson et al demonstrate why the scale and variety of geology on this East India margin make it one of the least explored prolific basins on Earth.
Submit an article
Special Topic overview January
Land Seismic
First Break Special Topics are covered by a mix of original articles dealing with case studies and the latest technology. Contributions to a Special Topic in First Break can be sent directly to the editorial office (firstbreak@eage.org). Submissions will be considered for publication by the editor.
February
Digitalization / Machine Learning
March
Reservoir Monitoring
April
Unconventionals and Passive Seismic
May
Global Exploration Hotspots
June
Leading Geosciences in a New Era
It is also possible to submit a Technical Article to First Break. Technical Articles are subject to a peer review process and should be submitted via EAGE’s ScholarOne website: http://mc.manuscriptcentral.com/fb
July
Modelling / Interpretation
August
Near Surface Geo & Mining
September
Reservoir Engineering & Geoscience
October
Energy Transition
November
Marine Acquisition
December
Data Management and Processing
You can find the First Break author guidelines online at www.firstbreak.org/guidelines.
More Special Topics may be added during the course of the year.
56
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
CALENDAR
CALENDAR OF EVENTS 23‑24 AUGUST 2022
EAGE Asia Pacific Workshop on CO2 Geological Storage Perth, Australia www.eage.org
June 2022 2-3 Jun
GeoTHERM
Offenburg
Germany
6-9 Jun
83 rd EAGE Annual Conference & Exhibition www.eageannual2022.org
Madrid and online
Spain
14-16 Jun
GEODAYS
Pau
France
15-16 Jun
DGMK/ÖGEW Spring Conference
Celle
Germany
August 2022 17-18 Aug
Second EAGE Workshop on Advanced Seismic Solutions in the Gulf of Mexico www.eage.org
Ciudad de Mexico and online
Mexico
22‑24 Aug
Third EAGE Marine Acquisition Workshop www.eage.org
Oslo
Norway
23‑24 Aug
EAGE Asia Pacific Workshop on CO2 Geological Storage www.eage.org
Perth
Australia
September 2022 5-7 Sep
ECMOR 2022 European Conference on Mathematics of Geological Reservoirs www.eage.org
The Hague and online
Netherlands
12-14 Sep
MEDiNA Technical Conference and Exhibition www.medinace.aapg.org
Tunis
Tunisia
13-15 Sep
EAGE Conference on Digital Innovation for a Sustainable Future www.eage.org
Bangkok
Thailand
14-16 Sep
Fourth HGS/EAGE Conference on Latin America www.eage.org
Cartagena
Colombia
18-22 Sep
Near Surface Geoscience Conference & Exhibition 2022 www.nsg2022.org
Belgrade
Serbia
19-21 Sep
Sixth EAGE High Performance Computing Workshop www.eage.org
Milan
Italy
26-28 Sep
Sixth International Conference on Fault and Top Seals faultandtopseals.org
Vienna
Austria
27-28 Sep
Reservoir Modeling into Digital Proliferation www.eage.org
Kuala Lumpur
Malaysia
28-30 Sep
First EAGE Guyana-Suriname Basin Conference Discoveries and Opportunities to Harness the Potential of a New Oil Patch www.eage.org
Georgetown and online
Guyana
EAGE Events
102
FIRST
BREAK
Non-EAGE Events
I
VOLUME
40
I
JUNE
2022
CALENDAR
October 2022 10-12 Oct
Sixth EAGE Eastern Africa Petroleum Geoscience Forum The future of petroleum geoscience in the Eastern African energy mix www.eage.org
Cape Town and online
South Africa
12-14 Oct
First EAGE Western Africa Exploration & Production Workshop Collaboration in frontier and emerging exploration in Western Africa www.eage.org
Cape Town and online
South Africa
12-14 Oct
Second EAGE Workshop on EOR in Latin America www.eage.org
Bogotá
Colombia
14-16 Oct
Baku 2022 Fourth international conference on Geology of the Caspian Sea and Adjacent Areas www.eage.org
Baku
Azerbaijan
24-27 Oct
EAGE 5 th Asia Pacific Meeting on Near Surface Geoscience & Engineering www.eage.org
Taipei
Taiwan
26-27 Oct
Second EAGE Workshop on East Canada Offshore Exploration www.eage.org
St John’s and online
Canada
28-31 Oct
Second EAGE Subsurface Intelligence Workshop www.eage.org
Manama
Bahrain
November 2022 7-9 Nov
EAGE GET 2022 3 rd EAGE Global Energy Transition Conference & Exhibition www.eageget.org
The Hague and online
Netherlands
15-17 Nov
Sixth EAGE Rock Physics Workshop Impacts & Trends of the Digital Transformation www.eage.org
Riyadh
Saudi Arabia
21-22 Nov
First EAGE/SBGf Workshop on Reservoir Monitoring and its Role in the Energy Transition www.eage.org
Rio de Janeiro and online
Brazil
23-25 Nov
Third EAGE Conference on Pre Salt Reservoirs www.eage.org
Rio de Janeiro and online
Brazil
28-29 Nov
Asia Petroleum Geoscience Conference & Exhibition (APGCE) www.eage.org
Kuala Lumpur
Malaysia
28-30 Nov
Eighth EAGE Arabian Plate Core Workshop: From Play Concepts to Reservoir Heterogeneity www.eage.org
Dhahran
Saudi Arabia
December 2022 1-2 Dec
Fourth EAGE Workshop on Unconventional Resources www.eage.org
Bogota
Colombia
5-7 Dec
2 nd EAGE Workshop on Fiber Optic Sensing for Energy Applications in Asia Pacific www.eage.org
Kuala Lumpur
Malaysia
6-8 Dec
2 nd EAGE/SEG Workshop on Geophysical Aspects of Smart Cities www.eage.org
Hong Kong
China
6-8 Dec
Second EAGE Conference on Renewable Energy in the Middle East and Africa www.eage.org
Muscat
Oman
February 2023 15-17 Feb
Fifth EAGE Naturally Fractured Reservoirs Workshop www.eage.org
Aix-en-Provence
France
21-23 Feb
2 nd AAPG/EAGE Papua New Guinea Petroleum Conference & Exhibition www.eage.org
Port Moresby
Papua New Guinea
84th EAGE Annual Conference & Exhibition www.eage.org
Vienna
Austria
Porto
Portugal
June 2023 5-8 Jun
September 2023 3-7 Sep
Fifth EAGE Conference on Petroleum Geostatistics www.eage.org
EAGE Events
Non-EAGE Events
FIRST
BREAK
I
VOLUME
40
I
JUNE
2022
103
E C
N TiO LA
GE OS Ci EN
RESER VO iR SiM U
O
U
E
TW
N
N
CE
CE
RT
FA
AiN
SUR
TY
THE FUTURE OF RESERVOiR MODELLiNG
RK
S
A
HM
&
BUiLT FOR SPEED CPU/GPU, clusters, multicore workstations, HPC cloud
EASY MiGRATiON Industry standard formats supported
iNTEGRATED ASSET MODELLiNG All domains connected in one technology
CENTRALiSED SUPPORT TEAM 24/7 global assistance
FLEXiBLE LiCENSiNG OPTiONS Save money and add value
AGiLE SOFTWARE DEVELOPMENT 4 releases per year
www.rfdyn.com | asktNav@rfdyn.com Visit us at stand 1440!