Posts tagged ‘seismic’
SMT, JewelSuite, CMG Announce Seismic To Simulation Alliance
Seismic Micro Technology (SMT), JewelSuite (part of the JOA Group) and Computer Modelling Group Ltd. (CMG) announced the launch of the Seismic To Simulation (STS) Alliance, which integrates best-of-breed technologies encompassing all three components of the prospect evaluation workflow: interpretation, modeling and simulation.
Each of the member companies is a recognized leader in E&P software, enabling oil and gas exploration teams to identify, visualize and assess subsurface field and reservoir conditions. These technologies contribute to greater productivity and higher accuracy, reducing cycle times and improving efficiency for hydrocarbon extraction.
“The STS Alliance gives customers a resolution to a longstanding industry dilemma,” said Indy Chakrabarti, Director of Marketing for SMT. “Energy companies, historically, have had to choose either a single vendor solution that is integrated but perhaps not cutting edge, or cherry pick top technologies and sacrifice integration. With the STS Alliance, customers can have the best of both worlds.”
The Alliance brings together unique science from each of the partners. SMT offers its patent-pending KINGDOM Illuminator™ technology to improve seismic interpretation speed and accuracy. JewelSuite™ delivers its JewelGrid faulted S-grid modeling approach that overcomes the technical issues that arise from “first generation” gridding approaches. CMG provides high-performance simulation for all reservoir types, including conventional oil and gas and heavy oil.
“This alliance unites three industry leaders, each with a reputation for scientific excellence in a critical aspect of the prospect evaluation workflow,” said Dan Dexter, VP Canada and Marketing, CMG. “This means that for the first time the geophysicist, the geologist, and the engineer can all choose the top technology for their respective discipline and still easily collaborate amongst each other.”
“The traditional single vendor offering frequently meant sacrificing a certain degree of functionality in component workflows in order to gain overall compatibility across the workflow,” said Jim Thom, Director of Strategy and Partnering, JOA Oil and Gas. “Customers could compensate for this by adding niche software to fill in the gaps, but without integration, there is significant productivity loss moving data across solutions. The STS Alliance removes the need for customers to make these sacrifices by bringing together the technology leaders in exploration, evaluation and production phases of field development.”
Geokinetics to Acquire Onshore Seismic Business of PGS
Geokinetics Inc. and Petroleum Geo-Services (PGS) have signed a definitive agreement under which Geokinetics, provider of seismic data acquisition, processing and interpretation services, will acquire the onshore seismic data acquisition and multi-client data library business of PGS (PGS Onshore) in a cash and stock transaction valued at nearly $210 million, on a cash-free, debt-free basis, which includes net working capital of $37.5 million. The final purchase price is subject to customary post-closing adjustments. The transaction is expected to close in the first quarter of 2010 and is subject to normal closing conditions and regulatory approvals.
The combination of Geokinetics and PGS Onshore will create the second largest provider of onshore seismic data acquisition services in the world in terms of crew count and the largest based in the Western Hemisphere. The combined company will have the assets and technical capabilities to support up to 38 crews and carry in excess of 207,000 equipment channels and over 150 vibroseis units; and possess in excess of 6,240 sq miles of multi-client library data upon completion of current projects in progress. Empowered by a broad range of technologies that include transition zone (TZ), ocean bottom cable (OBC) and land vibroseis, the new Geokinetics will be able to compete more effectively within the entire seismic value chain of planning, proprietary and multi-client acquisition, processing and interpretation services. Furthermore, this acquisition will propel Geokinetics into new markets, including Alaska and Mexico, as well as certain new countries in the Middle East and North Africa.
On a pro-forma basis, the new Geokinetics would be expected to generate in excess of $700 million in revenues for 2009. PGS Onshore had backlog of $196 million as of September 30, 2009, and combined with Geokinetics backlog totals $455 million. Geokinetics anticipates the transaction will be highly accretive to 2010 earnings.
Richard Miles, President and CEO of Geokinetics, said: “We expect the combined company to be better positioned to serve our expanded customer base as we will have an enhanced ability to redeploy assets into more attractive markets. Our increased number of crews should also provide longer term contract opportunities with fewer mobilizations, which should result in better utilization and profitability. In addition, PGS has invested over $130 million over the last three years in their 5,500 sq miles of multi-client library data and multi-client technical capabilities, and we believe this high-quality resource will place us in an important segment of the market in which we have not previously participated in a meaningful way. We look forward to PGS becoming a large shareholder in Geokinetics, as we believe this will provide numerous opportunities going forward and should benefit both companies. We are eager to welcome the PGS Onshore employees into Geokinetics, and look forward to building a stronger, more competitive business.”
Jon Erik Reinhardsen, President and CEO of Petroleum Geo-Services, commented: “The combination of PGS’ and Geokinetics’ competence and market presence will create a new force in the onshore seismic industry. As a future key shareholder, we are excited about the growth potential and leading market position of the new Geokinetics. This transaction adds value for our shareholders, our employees and our customers. At the same time, this transaction establishes PGS as a focused marine geophysical company. The strengthened financial position of PGS will further allow us to continue to develop the most efficient fleet and leading-edge technology in the industry.”
Following the closing of the transaction, PGS will become Geokinetics’ second-largest shareholder after Avista Capital Partners. The acquisition is expected to provide annual synergies in excess of $10 million, driven mainly by organizational streamlining and cost reductions. There may be additional synergies via cross-selling opportunities and additional opportunities for processing behind Geokinetics’ expanded number of crews. Geokinetics expects to begin to capitalize on these synergies in mid-2010 as the company starts to benefit from the integration of the two businesses.
Geokinetics has agreed to finance this acquisition through a combination of cash and common stock. At closing, Geokinetics will issue PGS approximately 2.15 million shares, which represents 19.9% of outstanding Geokinetics shares, valued for purposes of the transaction at $12.11 per share or $26.1 million. The remainder of the purchase price or $183.9 million will be paid in cash. The company will have until February 15, 2010, to close the transaction.
Paradigm Unveils GeoDepth Tomography for Advanced Seismic Processing
Paradigm has released Paradigm GeoDepth® Tomography, a next-generation, grid-based velocity model solution that enables geophysicists to update rapidly the largest velocity models developed from complex geologic regimes. Tomography is the newest addition to the Paradigm GeoDepth software suite, delivering enhanced seismic imaging quality, reduced interpretation uncertainty and increased productivity.
The GeoDepth Tomography solution addresses the computational, interpretational and acquisitional challenges of updating large and complex velocity models for critical seismic assets. It provides added capacity for handling rich azimuth acquisitions and updating anisotropic parameters in sedimentary layers.
“Our new tomography application carries the imprint of years of theoretical and applied experience in velocity model updating,” said Zvi Koren, senior research fellow and chief geophysicist at Paradigm. “GeoDepth Tomography will have a huge impact on our customers’ imaging projects.”
GeoDepth Tomography leverages the Paradigm high-performance computing infrastructure as well as its interpretation solutions to deliver automatic velocity updates. The solution minimizes iteration cycles by combining rich, high-quality ray tracing with new tools that automatically reflect surface picking and pre-stack residual moveouts.
“GeoDepth Tomography provides the industry-proven GeoDepth suite with new, innovative capabilities that simplify and enhance the velocity modeling process,” said Duane Dopkin, Paradigm’s Senior VP of technology. “By combining and automating complex tasks, this application can dramatically improve project turnaround time, allowing geophysicists to operate within challenging time constraints while still achieving the high quality results.”
Paradigm Launches StratEarth 2009
Paradigm announced the release of Paradigm StratEarth 2009, designed to bridge the gap between seismic and geological interpretation. Offered as an add-on to Paradigm SeisEarth, StratEarth provides a tightly integrated geological correlation and cross-section environment for evaluating and assessing reservoirs for better well positioning and field management.
StratEarth fully incorporates geologic and seismic data to facilitate advanced workflows that support exploration and development projects from initial interpretation to advanced subsurface modeling. Furthermore, the software suite enables users to correlate hundreds of wells automatically and quickly detect any inconsistencies between seismic data, petrophysical data, well markers and geological data in markers positions and orders.
“StratEarth expands the Paradigm solution continuum, delivering a unique toolset that dramatically enhances the way geoscientists and engineers are able to interpret and interact with their data,” said Duane Dopkin, Paradigm’s Senior VP of Technology. “By streamlining the process between seismic and geologic interpretation, StratEarth enables users to operate within challenging time constraints and increasingly complex environments while achieving faster, more accurate results.”
The StratEarth 2009 suite provides users with intuitive interfaces to facilitate common workflow elements and an extensive suite of data analysis tools. StratEarth also offers seamless interoperability with Paradigm SKUA® 2009, an most advanced subsurface modeling software suite, enabling rapid construction of geologically valid, simulator-ready reservoir models from all available data.
PetroComputing 