PGS Joins AEW 2023 as Geophysical Partner, Advances Geoscience Dialogue with NOC’s and Deals

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  • PGS Joins AEW 2023 as Geophysical Partner, Advances Geoscience Dialogue with NOC’s and Deals

As the official geophysical partner of African Energy Week 2023, Petroleum Geo-Services will promote investment in geoscience technology under efforts to bolster exploration and production in Africa.

While Africa’s proven oil and gas reserves are measured at 125 billion barrels and 620 trillion cubic feet, respectively, much of the continent’s on- and offshore acreage remains largely unexplored. At the same time, energy security remains one of the biggest challenges impacting economic growth across the continent, and as such, many governments have put in place ambitious upstream drives aimed at unlocking new hydrocarbon finds. These campaigns require in-depth data and geophysical insights to ensure success, consolidating the vital role companies such as Petroleum Geo-Services (PGS) play in Africa’s energy future.

PGS is a technologically-focused oilfield services company that provides a range of geophysical services. The company gathers offshore survey data using vast cloud compute to image the earth, thereby advancing marine subsurface knowledge for evolving energy needs. Under the leadership of Rune Olav Pedersen – who is poised to speak at this year’s AEW conference – PGS supports the search for affordable and sustainable energy for all. At its core is a commitment to both the energy transition and energy security, and the company integrates environmental protection with resource extraction. Through innovative technology and a pioneering-approach to geophysics, PGS is driving a new wave of sustainable oilfield practices worldwide.

In Africa, PGS actively contributes to advancing E&P efforts continent-wide. Through a fledge of geophysical services, the company supports E&P companies by providing a comprehensive understanding of subsurface geology. In Angola, the company has collaborated with the government for nearly two decades, acquiring and processing MultiClient 3D and 2D seismic data and gathering a vast repository of geological information. With the National Oil, Gas and Biofuels Agency set to launch the country’s next licensing round in September 2023 – opening 12 blocks up for bidding -, data provided by PGS will be vital as E&P companies progress with upstream activities.

In addition to its Angolan activities, PGS is involved in several other markets in Africa. Using its GeoStreamer technology – representing a pioneer in advanced 3D seismic technology – PGS continues to deliver cost-effective and high-quality seismic data across the continent. GeoStreamer is considered to have revolutionized marine seismic acquisition, and is poised to play an even larger role in Africa as new markets come online. Successful campaigns included the NAM 2019 project in Namibia in 2021. Additionally, PGS spearheaded the Deepwater Niger Delta Depth 2023 in Nigeria and ANG Block 1/14 in Angola, both of which were undertaken in 2022. Meanwhile, in 2023, PGS utilized GeoStreamer in Ivory Coast in the Tano Basin, providing time, gravity and magnetics products.

“Enterprises like PGS play a pivotal role in shaping Africa’s energy landscape, especially as emerging oil and gas markets intensify their exploration efforts across both onshore and offshore territories. Given the significant expanse of unexplored acreage on the continent, the significance of geophysical data has grown exponentially, serving as a vital resource for stakeholders aiming to steer productive upstream endeavors. With a robust presence in numerous promising African markets, PGS has swiftly emerged as a valued collaborator for various African governments,” states NJ Ayuk, Executive Chairman of the AEC.

During AEW 2023, the company will not only promote the crucial role geophysical data plays in supporting successful exploration campaigns but will facilitate new deals between African countries and E&P players. As the official geophysical partner, PGS will make a strong case for heightened investment in Africa’s upstream sector, advocating for close collaborations between government, E&P players and oilfield technology providers.

The PGS-AEW 2023 partnership speaks to the caliber of the event as the premier upstream platform for the African energy sector. While the event covers the entire African energy sector and its value chain, focus placed on exploration and production is underpinned by the event’s mandate of making energy poverty history by 2030 on the back of oil and gas. With the support of PGS, AEW 2023 will witness a strong slate of upstream deals being signed.

AEW is the AEC’s interactive exhibition and networking event that seeks to unite African energy stakeholders, drive industry growth and development, and promote Africa as the destination for African-focused events. For more information, visit www.aecweek.com.