TGS and Schlumberger unveiled a new 3-D seismic reimaging project in the Egyptian Red Sea on Sept. 6.
The project will comprise reimaging data from three overlapping seismic surveys totaling 3,600 sq km that was acquired between 1999 and 2008—the only available 3-D data in this part of the Red Sea. It includes the integration of all legacy seismic and non-seismic data and will apply advanced imaging technologies to better define complex subsalt structures.
The project, which is supported by industry prefunding, will be carried out by TGS and WesternGeco, the geophysical services product line of Schlumberger.
Data will be available before the closing of Egypt’s offshore Red Sea international license round on September 15, 2019.
“The Red Sea 3D reimaging project follows a multiclient 2-D seismic acquisition program that was completed in March 2018 as the initial step in mitigating the complex salt imaging challenges in the area,” Kristian Johansen, CEO at TGS, said. “The underexplored offshore Egyptian Red Sea area is made up of large, untested structures that offer growth opportunities for oil companies.”
TGS and Schlumberger have a long-term commitment with the Egypt Ministry of Petroleum and South Valley Egyptian Petroleum Holding Company (GANOPE) to acquire and process seismic data and promote the prospectivity of the Egyptian Red Sea. GANOPE is responsible for managing Egypt’s hydrocarbon resource potential under latitude line 28°.
Following the deal, oil prices will continue rallying throughout the month of June, averaging at around $43/bbl for Brent and $30/bbl for WTI, analyst says.
Excess crude inventories are easing, with refined fuel stocks taking longer as consumption lags.
The agency, which coordinates the energy policies of industrialized nations, said global spare production capacity has risen to 3.3 million barrels per day due to high compliance rate with the agreed supply cuts among the OPEC and its allies.