PGS Secures Northern Lights Deal

PGS Secures Northern Lights Deal
Acquisition is scheduled to start in the second quarter of this year.

PGS announced earlier this week that it has been awarded a seismic acquisition contract for CO2 storage offshore Norway by Equinor on behalf of Northern Lights JV DA.

Acquisition is scheduled to start in the second quarter of this year and has a duration of approximately one month, PGS outlined. The company did not reveal the value of the deal.

“Northern Lights is one of the pioneering CO2 transport and storage companies in Europe and we are proud to contribute with our technology to their groundbreaking efforts,” PGS President and CEO, Rune Olav Pedersen, said in a company statement.

“We established our New Energy business area early 2021 and made MultiClient data sales during the year for development of CO2 storage projects. I am very pleased to see that we now are taking another step in being awarded this data acquisition contract for Northern Lights,” Pedersen added in the statement.

Also this week, PGS revealed that it had been awarded a carbon capture and storage acquisition contract by BP on behalf of the Northern Endurance Partnership, which is a joint venture between BP, Equinor, National Grid Ventures and Total Energies. Acquisition for this contract is scheduled to start during April 2022 and complete in June, PGS outlined.

In July last year, PGS announced that the company and CGG had signed a memorandum of understanding (MOU) with a view to combining their seismic MultiClient products and technical capabilities applied to the carbon capture utilization and storage industry.

The Northern Lights project is part of the Norwegian full-scale carbon capture and storage project, Equinor notes on its website. The full-scale project includes capture of CO2 from industrial capture sources in the Oslo-fjord region and shipping of liquid CO2 from these industrial capture sites to an onshore terminal on the Norwegian west coast, Equinor outlines. From there, the liquified CO2 will be transported by pipeline to an offshore storage location subsea in the North Sea for permanent storage, Equinor highlights.

In October 2020, BP announced that it, Eni, Equinor, National Grid, Shell and Total had formed the Northern Endurance Partnership to develop the offshore infrastructure to transport and store millions of tons of carbon dioxide emissions safely in the UK North Sea. The infrastructure will serve the proposed Net Zero Teesside and Zero Carbon Humber projects that aim to establish decarbonized industrial clusters in Teesside and Humberside, BP noted in a company statement at the time.

To contact the author, email andreas.exarheas@rigzone.com


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