Shearwater GeoServices has been awarded two 4-D surveys for the North Sea market, the company said on May 14.
The 4-D surveys will commence in the second-quarter of 2018 and will be conducted back-to-back over a period of approximately two months. Shearwater has, during the first months of 2018, succeeded in strengthening its market position and in total been awarded more than 15 additional vessel months.
Shearwater’s fleet has a solid track record from conducting 4-D seismic surveys. Through the two awards Shearwater reaffirm its position in the market for time-lapse seismic which is expecting to offer attractive opportunities ahead.
“Over the last month, Shearwater has announced confirmed backlog of more than fifteen vessel months to be performed over the next two quarters. We see this as a signal of a slowly improving market and a reaffirmation of Shearwater’s leading position and solid marine acquisition offering based on our high-end fleet and our experienced organization,” Irene Waage Basili, Shearwater’s CEO, said.
Twenty-seven of the 30 upstream E&P companies, or 90%, surveyed had hedges on the books at year-end 2020, up from 83% in the prior year, according to a recent survey of how oil and gas producers hedge.
Many producers raced to lock in sales when crude oil prices rose to over $40 per barrel last year but are now faced with losses after oil prices climbed.
Dozens of U.S. oil and gas producers hedged at prices below $50/bbl, according to Enverus’ Andrew McConn. The firm’s review of 66 shale producers found roughly $7 billion in aggregate hedging losses.