TGS and PGS have begun the second phase of the Lewis Hills 3D multiclient survey offshore East Canada, the companies said on July 6. Phase 2 includes the acquisition of 947 sq km of additional 3D data, tying into the existing project’s 2,811 sq km to create one contiguous dataset.
The Lewis Hill 3D volume is positioned in the highly prospective Orphan Basin, with recent discoveries in the Flemish Pass and connecting further south to the productive Jeanne D’Arc Basin. An expansive well log library is also available in the region, along with advanced multi-client interpretation products that will improve play, trend and prospect delineation.
“The Lewis Hills Phase 2 survey completes coverage between the Flemish Pass and Orphan Basin,” Neil Paddy, vice president of North America at PGS, said. “GeoStreamer imaging technology supports the ongoing exploration drilling programs and this project will be key in enhancing understanding of the petroleum systems at play.”
Final fully processed stacks are expected to be delivered to the industry by third-quarter 2022.
This project is supported by industry funding.
Greylock CEO Kyle Mork told Hart Energy in an exclusive interview that the company’s oil production will increase roughly 2,000% as a result of the acquisitions.
PE-backed Frontier recently acquired a tubular goods service provider in West Texas, which history dates back over 50 years in the heart of the Permian Basin.
Before the coronavirus pandemic and the oil price war, public investors had already thrown down the gauntlet to E&Ps. Companies, arguably, were learning to adapt, and they must keep doing so to access public capital in the new environment.