TGS and Fairfield Geotechnologies have agreed on March 9 to acquire a new multiclient survey within the area of mutual interest (AMI) established between the two companies in June 2018.
The companies have commenced operations on The Channel 3D survey in Lea County, New Mexico. Permitting is underway for an initial outline of 440 sq km (169 sq miles) with acquisition set to begin in second-quarter 2020.
The San Simon Channel, separating the Central Basin Platform from the Northwestern Shelf, is an area with new resource potential in the Permian Basin. The Channel 3D survey is designed to image deeper targets in the Strawn and Atoka algal mounds as well as the Bone Spring Sands and Wolfcamp intervals. Other productive zones with remaining potential include Devonian, Abo, and Paddock horizons. Operators will have access to comprehensive data coverage from which to enhance their exploration efforts.
This high-resolution 3D survey extends TGS and Fairfield Geotechnologies’ footprint in a key area of the Permian Basin. This project is supported by industry funding.
EOG Resources boosted its annual dividend by 10% after its fourth-quarter adjusted profit nearly doubled, helped by a recent recovery in oil and gas prices.
As more debt is restructured or discharged, the drag on M&A should lessen, which could lead to the return of dealmaking in the oil and gas sector to pre-pandemic levels, Deloitte says.
EnergyNet has successfully closed $5 billion in oil and gas assets in the past two years, according to the A&D advisory firm’s release.