Viridien commences next-generation sparse OBN project in the Gulf of Mexico

Rhea-AI Summary

Viridien has launched the Laconia 3D OBN multi-client seismic program in the US Gulf of Mexico, covering 330 OCS blocks in the Garden Banks and Keathley Canyon areas. The project, backed by industry funding, began in July 2024 with initial product delivery set for Q2 2025. The survey will employ extra-long-offset full-azimuth OBN data and the Sercel TPS™ (Tuned Pulsed Source), an eco-friendly low-frequency marine seismic source, to enhance imaging and subsurface information. Viridien's elastic full-waveform inversion (E-FWI) technology will be used to maximize subsalt imaging and reservoir delineation, aiming to reveal unprecedented subsalt detail and hidden resource potential in the complex geology of the area.

Positive

• Launch of new Laconia 3D OBN multi-client seismic program in the Gulf of Mexico
• Industry funding support for the project
• Use of advanced technologies: extra-long-offset full-azimuth OBN data and Sercel TPS™
• Application of Viridien's elastic full-waveform inversion (E-FWI) technology
• Potential to reveal new resource potential and improve understanding of complex subsalt geology

Negative

• None.

Insights

Geophysicist

The commencement of Viridien's Laconia 3D OBN multi-client seismic program in the Gulf of Mexico marks a significant advancement in subsea imaging technology. The project's use of extra-long-offset full-azimuth OBN data and the Sercel TPS™ low-frequency source is particularly noteworthy. These technologies, combined with Viridien's elastic full-waveform inversion (E-FWI), promise to deliver unprecedented subsalt imaging quality.

This enhanced imaging capability could be a game-changer for oil and gas exploration in the region. It has the potential to reveal previously undetected hydrocarbon reserves, especially in complex subsalt formations that have historically been challenging to image accurately. The improved data quality may lead to more precise well placements and potentially reduce drilling risks, which could translate to significant cost savings for operators in the area.

Energy Industry Analyst

Viridien's new seismic program in the Gulf of Mexico is strategically significant. Covering 330 OCS blocks in the Garden Banks and Keathley Canyon areas, this survey targets regions known for their hydrocarbon potential but challenging geology. The industry funding support indicates strong interest from oil and gas companies, suggesting potential for new discoveries or improved exploitation of known resources.

The scheduled delivery of initial products in Q2 2025 aligns with the industry's mid-term planning horizons. This timing could influence exploration and development decisions for companies operating in the Gulf of Mexico. If the survey delivers on its promise of superior imaging, it could spark renewed interest in the area, potentially leading to increased exploration activity and investment in the region.

Environmental Consultant

The use of Sercel's TPS™ (Tuned Pulsed Source) in Viridien's seismic survey is an important environmental consideration. This innovative, environmentally friendly low-frequency marine seismic source could represent a significant step towards reducing the environmental impact of offshore exploration activities. It's important to note that while this technology may mitigate some concerns, the overall environmental impact of increased exploration and potential subsequent drilling activities should still be carefully evaluated.

The improved imaging capabilities could lead to more efficient resource extraction, potentially reducing the number of exploratory wells needed. This could indirectly contribute to minimizing the environmental footprint of offshore operations. However, it's important to balance these potential benefits against the broader environmental implications of facilitating increased hydrocarbon extraction in marine environments.

Viridien commences next-generation sparse OBN project in the Gulf of Mexico

Paris, France – August 27, 2024

Viridien has announced the start of the Laconia 3D OBN multi-client seismic program in the US Gulf of Mexico. Covering 330 OCS blocks in the Garden Banks and Keathley Canyon protraction areas, the project is supported by industry funding. Acquisition started in July 2024 with delivery of initial products scheduled for Q2 2025.

To improve the resulting images and subsurface information, this survey will record extra-long-offset full-azimuth OBN data and utilize the Sercel TPS™ (Tuned Pulsed Source), an innovative environmentally friendly low-frequency marine seismic source. This dataset is ideal for Viridien’s industry-leading elastic full-waveform inversion (E-FWI), which will maximize the subsalt imaging and reservoir delineation.

Dechun Lin, EVP, Earth Data, Viridien, said: “Our new Laconia OBN survey reflects Viridien’s ongoing commitment to support the industry in the Gulf of Mexico. With the powerful combination of Viridien’s highly differentiating technologies applied to this survey, we will deliver best-in-class images to reveal unprecedented subsalt detail and previously hidden resource potential. This will revitalize the underlying data and allow a better understanding of the complex subsalt geology and deep targets associated with the area to aid both exploration and the continuing development of discovered energy resources.”

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Contacts

Investor Relations Jean Baptiste Roussille Tel: + 33 06 14 51 09 88 E-Mail: jean-baptiste.roussille@viridiengroup.com

Attachment

• Viridien commences next-generation sparse OBN project in the Gulf of Mexico

FAQ

What is the Laconia 3D OBN multi-client seismic program announced by Viridien?

The Laconia 3D OBN is a new seismic survey project in the US Gulf of Mexico, covering 330 OCS blocks in the Garden Banks and Keathley Canyon areas. It uses advanced technologies to improve subsalt imaging and reservoir delineation.

When did Viridien start the Laconia project and when are initial products expected?

Viridien started the Laconia project acquisition in July 2024, with initial products scheduled for delivery in Q2 2025.

What technologies is Viridien using in the Laconia 3D OBN project?

Viridien is using extra-long-offset full-azimuth OBN data, the Sercel TPS™ (Tuned Pulsed Source) for eco-friendly low-frequency seismic sourcing, and their proprietary elastic full-waveform inversion (E-FWI) technology.

What are the expected benefits of Viridien's Laconia 3D OBN project?

The project aims to deliver best-in-class images revealing unprecedented subsalt detail, uncover hidden resource potential, and improve understanding of complex subsalt geology and deep targets in the Gulf of Mexico.