Australia could unlock up to $600 billion in revenue by creating a carbon capture and storage (CCS) industry and becoming a storage hub for the Asia-Pacific region, according to a leading global energy research firm, Wood Mackenzie. In an article published in the 2024 Australian Energy Producers Journal, Wood Mackenzie emphasised that Australia’s CCS opportunity is rooted in facilitating other countries’ net zero ambitions. According to the article, Australia has far higher geological CO2 storage potential than it needs to store emissions from its power generation and industrial sectors from 2 ..read more

PGS has announced a collaboration that facilitates on-demand data interpretation provided by Onward, which leverages Onward’s technical capabilities to enhance PGS’ existing MultiClient and Data OnDemand services and accelerate interpretation workflows. The collaboration between Onward and PGS gives subscribers of PGS’ OnDemand services the option to access Onward’s interpretation services and unlock the subsurface potential of extensive seismic data sets. PGS subscribers that engage Onward’s additional services will have access to Onward’s global community of geoscience and data science exper ..read more

What a fantastic week it has been.   Full of compelling, informative and thought-provoking presentations and conversations.   Congratulations to all our award recipient, too. There is some outstanding work being done across our industry, and it’s great to acknowledge and celebrate it.   As our 2024 conference comes to close, we have much to reflect on, and much to be proud of.  I have been encouraged to see this week, throughout the conference – in the plenary sessions, the technical presentations, the conversations on the exhibition floor – that the optimism ..read more

At the Annual General Meeting on May 15, 2024, shareholders approved the resolution to change the company’s corporate name from CGG to Viridien. Sophie Zurquiyah, CEO, Viridien, said: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an Advanced Technology, Digital and Earth Data Company.” To further support its growth strategy, the company will launch the new Viridien brand on 10th June at the upcoming EAGE Annual Conference in Oslo, further strengthening its focus across a portfolio of solutions including the Core busi ..read more

CGG has announced the launch of its AI Cloud solution designed to meet the needs of data-intensive industries – including life sciences, digital media, manufacturing and geoscience – that seek to optimize and accelerate their demanding and resource-heavy AI workloads. CGG’s new AI Cloud solution combines the latest high-performance architecture, including cutting-edge NVIDIA H100 Tensor Core GPUs fully configured and optimized for AI fine-tuning and inference, with a pre-installed software environment that can be tailored for each client. CGG said that with CGG experts managing the complexitie ..read more

The Australian Government’s Future Gas Strategy recognises the critical role of natural gas for Australia’s energy security in a net zero economy to 2050 and beyond, and that continued investment in new gas supply is needed. This was the joyous reaction of Australian Energy Producers Chief Executive Samantha McCulloch who said the Strategy, announced last week, should now provide clear direction on national energy policy that supports the central role of gas in the economy and Australia’s energy transformation.  “The Future Gas Strategy sends a clear message that gas has a critical l ..read more

PGS has been awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September and the contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. Rune Olav Pedersen, Image: PGS “By combining the Ramform acquisition platform with our propriet ..read more

Russian oil production has remained strong despite sanctions imposed by Western countries in the wake of Russia’s invasion of Ukraine. The country’s gas and liquefied natural gas (LNG) industries, on the other hand, have suffered due to limited pipeline infrastructure and reliance on Western companies. Rystad Energy expects Russian piped gas to China to increase due to new infrastructure, but the outlook for Russian LNG is less rosy. The Kremlin has set an ambitious plan to commission 100 million tonnes of LNG capacity by 2030 but our forecasts show the country will miss that target by as much ..read more

PGS ended the full year 2023 benefitting from an improving data acquisition market with high pre-funding level on MultiClient projects and increasing profitability for contract work. Nevertheless, revenues declined compared to 2022 due to unexpected scheduling and operational challenges, and lower than expected MultiClient late sales. Rune Olav Pedersen, Image: PGS This was revealed in PGS’s recent 2023 Annual Report in which outgoing President and CEO Rune Olav Pedersen said of the roller coaster ride through the year: “We entered 2023 with a strong order book in a recovering seismic market ..read more

Riyadh convened global leaders this week at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development to host candid dialogues and outline bold steps to tackle the most pressing geopolitical, social and economic challenges facing humanity. This comes after the United Arab Emirates hosted the COP28 Summit in Dubai in December. Speaking at the Special Meeting, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy for Saudi Arabia, said a just and equitable energy transition will only be achieved by using a range of ener ..read more