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News from SEG 2012: Baker Hughs CCGVeritas to collaborate on shale exploration

LAS VEGAS – Baker Hughes and CGGVeritas have announced a collaborative relationship to improve shale reservoir exploration.

Using reservoir models that integrate log-derived, near-wellbore geomechanical and petrophysical properties from Baker Hughes with calibrated seismic data from CGGVeritas, operators will be able to optimize well placement and completion design earlier in the asset lifecycle for more efficient well construction and more productive wells.

Baker Hughes brings a broad portfolio of oilfield expertise and services to the collaborative relationship, most notably its reservoir and production engineering team and its Center of Reservoir Excellence (CORE) team focused on unconventional resources. The company’s proprietary geomechanical models and JewelSuite reservoir modeling software use data from Baker Hughes logging and subsurface imaging tools to deliver decision support capabilities.

“Providing our customers with a more comprehensive view of their reservoirs to accurately pinpoint sweet spots so they can make the most productive decisions is a fundamental goal of the Baker Hughes’ shale strategy,” said Andy O' Donnell, Baker Hughes Vice President. “We are pleased to enhance that capability with the complementary CGGVeritas portfolio.”

CGGVeritas brings to the relationship a global market-leading position in seismic data acquisition and geosciences, including differentiating technologies for shale reservoirs characterization. These technologies include Hampson-Russell software products and, with the acquisition of Fugro’s Geoscience division, will soon include Jason technologies for high-end reservoir characterization and Robertson expertise in exploration and geology. This complete portfolio enables optimization of project design, a compression of project timelines and offers a comprehensive product for final interpretation of key reservoir attributes.

Jean-Georges Malcor, Chief Executive Officer of CGGVeritas, said: “This collaboration agreement is a very good example of our long-term strategy in geosciences, and we are very excited to present our skills along with the unique shale expertise of Baker Hughes.”

While the long-range goal of the collaboration is to help operators optimize full-field development projects, the initial phase focuses on integrating near-wellbore log data with reservoir characteristics away from the well.

Baker Hughes and CGGVeritas teams collaborated on a proof of concept on a Bayou Caster seismic survey in the Haynesville area. The collaborative allowed the team to identify sweet spots with high total organic content (TOC).

At the press conference, Mr. Malcor said each company will develop projects with their customers and serve as each other' s preferred subcontractor. Both Mr. Malcor and O' Donnell said each company will provide its core expertise and denied that the collaboration would be a precursor to an acquisition. "CGGVeritas would be indigestible for Baker Hughes," Mr. Malcor joked, "It doesn' t make business sense to verticalize in this market as the seismic business requires a large customer base to amortize R&D expense."

On a related subject, Mr. Malcor said once the Fugro acquisition is complete, CGGVeritas would retain Fugro' s strong brands and preserve entreprenuerial skills. For seabed seismic acquisition, the two companies will form a joint venture with Fugro retaining a 60% share. 

 

11/06/2012

 

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