CGG and C-Questra Sign CCUS Cooperation Agreement
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The commercial cooperation agreement between CGG and C-Questra represents a strategic move within the energy sector, particularly in the context of carbon capture, utilization and sequestration (CCUS). This collaboration leverages CGG's extensive experience and technological capabilities in CCUS projects, enhancing their ability to offer end-to-end solutions in carbon storage. The partnership is expected to facilitate the acceleration of carbon storage projects, which are critical in achieving global carbon neutrality goals.
From an industry perspective, such alliances are vital in addressing the complex challenges of CCUS, including the identification of viable storage sites, monitoring of CO2 injection and ensuring the safety and efficiency of sequestration processes. The expertise of CGG in transforming legacy datasets and the operational capabilities of C-Questra could provide a competitive edge in the rapidly growing CCUS market. It is likely to have a positive impact on CGG's business diversification strategy and its financial performance in the long term, as the demand for sustainable energy solutions increases.
The collaboration between CGG and C-Questra emphasizes the increasing importance of environmental policies and regulations that are driving the growth of the CCUS industry. Governments and international bodies are pushing for a reduction in carbon emissions and CCUS is seen as a pivotal technology to help meet these stringent targets. The partnership could potentially influence policy-making by demonstrating the viability and scalability of CCUS technologies, thereby encouraging further investments and regulatory support for such initiatives.
Moreover, the involvement of C-Questra, a company specializing in the entire CCUS value chain, suggests a holistic approach to carbon management that aligns with European Union directives on climate change. This may lead to enhanced credibility and trust among stakeholders, including policymakers, investors and the general public, which in turn could result in favorable policy frameworks that benefit the industry as a whole.
The CGG and C-Questra agreement is indicative of a maturing CCUS market that is increasingly attracting investments and strategic partnerships. This collaboration could serve as a bellwether for future market trends, where specialized expertise in carbon sequestration becomes a valuable asset. By pooling their resources, CGG and C-Questra aim to expedite the development of carbon storage solutions, potentially setting a precedent for how similar companies might collaborate to scale up operations efficiently.
For investors, the agreement suggests a proactive approach by CGG to diversify its portfolio in response to the global shift towards sustainability. The enhanced service offerings and technological advancements from such collaborations could result in increased market share and revenue streams for CGG. Furthermore, the focus on the European market, particularly France, could provide insights into regional market dynamics and the potential for replication in other geographies.
Paris, France – January 9, 2024
CGG, a global technology and HPC leader, and C-Questra, an independent European operator specializing in the CO2 storage value chain, have signed a commercial cooperation agreement in carbon capture, utilization, and sequestration (CCUS).
CGG has more than 15 years of experience supporting a number of high-profile CCUS projects worldwide. It offers unique industrial know-how and technological resources throughout the CCUS lifecycle: from the transformation of legacy datasets and the initial screening of potential storage sites to the planning for and then monitoring of CO2 injection operations.
C-Questra is a European technology company founded in 2023, specialising in the field of CCUS from emission sources to sequestration sites, whose founders and technical team have recognised experience in CO2 sequestration.
CGG intends to provide expertise and technological support to C-Questra to accelerate the development of certain carbon storage projects.
Walid Sinno, CEO, C-Questra, said: "The purpose of the cooperation agreement is quite simply to go much faster. CGG contributes human and technological resources, while C-Questra implements the projects, particularly in France, by leveraging the combined expertise and experience of our technical teams that span almost 100 years."
Sophie Zurquiyah, CEO, CGG, said: "Carbon storage is one of the key processes in the energy transition and CGG is continuing to diversify in this area where we bring real know-how and cutting-edge technologies. After concluding several projects and agreements in 2023, CGG is looking to accelerate the deployment of its offerings in 2024."
About CGG
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
| Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com |
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