Magseis Fairfield has along with its associate, CGG, secured pre-funding from an oil main for the extension of the ocean backside node (OBN) Cornerstone multi-client survey within the North Sea.

This each confirms the trade curiosity within the space and reduces Magseis Fairfield’s relative publicity within the venture.

Together with CGG we’re bringing collectively main nodal acquisition and information processing applied sciences to re-image this mature basin with superior imaging high quality. The venture was developed in shut collaboration with the trade, and we’re assured that greater high quality information will generate worth creation alternatives for our shoppers,” mentioned CEO Carel Hooijkaas in Magseis Fairfield.

The Oil and Gas Authority’s 32nd offshore license spherical features a vital variety of blocks within the venture space and is predicted to generate additional curiosity within the Cornerstone multi-client information.

The venture had already been granted partial pre-funding from one other oil main when it was introduced in November 2019. The survey began in March 2020 and can with this extension run to the top of 2020 North Sea season.

Planning for subsequent 12 months’s program is underway, as not all pre-funded dedication areas will likely be lined throughout this season.

“For us that is additional helps our multi-client technique and gives a big additional de-risking of this venture. As earlier communicated, we’ve taken decisive motion to protect our monetary flexibility and guarantee an excellent entry into 2021, and this helps these efforts,” added Hooijkaas.

The publish Magseis Fairfield and CGG safe further pre-funding for Cornerstone survey appeared first on Offshore Energy.

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