CGG received another major commitment to its Gulf of Mexico StagSeis multi-client program with the prefunding of the entire 871-offshore-block program by an international E&P company.
StagSeis is a CGG multi-client solution that combines a patented marine acquisition configuration with the industry’s most advanced subsurface imaging technology to provide images of the subsurface. CGG completed acquisition of the StagSeis program in October and all vessels are now active on other client-funded projects.
Representing over 20,000sq km, this new full-program commitment for all three StagSeis surveys, IBALT, DEUX and TROIS, comes in addition to significant prefunding by several other E&P companies.
Imaged by CGG, and covering the complex subsalt plays in select locations of Garden Banks, Keathley Canyon, Walker Ridge and Green Canyon, the StagSeis solution is an optimal tool to help oil and gas companies best manage their E&P programs and make informed decisions on the large number of lease blocks to be auctioned in the Gulf of Mexico through 2020.
“This decision by our client to select StagSeis and prefund the entire acreage, especially considering current weakening market conditions and reductions in spending, clearly establishes the industry’s preference for StagSeis and illustrates its critical contribution to our clients’ E&P decisions,” says Jean-Georges Malcor, CGG CEO.