Seismic industry heavyweights PGS and CGG are joining forces to exploit opportunities in the growing carbon capture, utilisation and storage (CCUS) market.
They have signed a memorandum of understanding to apply their seismic multi-client products and technical capabilities to carbon storage evaluation.
In a joint statement on Thursday, the companies said they would explore, conceptualise and create new derivative data products using existing seismic data to facilitate screening and evaluation of carbon storage sites.
“This MoU ... is consistent with our strategy to advance our data and geoscience offering to support the energy transition through accelerating the development and commercialisation of CCUS, hydrogen and ammonia storage, and geothermal energy,” CGG multi-client executive vice president Dechun Lin said.
“The initiative will benefit from the experience of both companies at delivering large-scale, high-end seismic products.”
PGS new energy executive vice president Berit Osnes added: “By joining forces with CGG we can offer unmatched data coverage and unique services to help operators significantly accelerate their activities.
“PGS looks forward to [working] closely with CGG to offer modern, high-quality data products to support the identification and classification of CO2 storage reservoirs.”
CCUS involves capturing carbon dioxide, compressing it for transportation and then injecting it deep into an underground rock formation, where it can be stored permanently.
The International Energy Agency believes the technology is essential for the world to meet its climate goals by 2050.
The agency’s net zero emissions scenario envisages captured volumes growing from about 40 million tonnes per year of CO2 currently to 7.6 gigatonnes per year by 2050.