GlobeNewswire Inc | Jul 22, 2021 01:30AM EDT

July 22, 2021

CGG and PGS Sign MoU to Develop Multi-Client Data Collaboration for CO2 Storage

Paris, France July 22, 2021

CGG and PGS have signed a Memorandum of Understanding (MoU) with a view to combining their seismic multi-client products and technical capabilities applied to the Carbon Capture Utilization and Storage (CCUS) industry. The ambition is to join forces and unlock the value of existing seismic data for carbon storage evaluation. Together, the companies intend to explore, conceptualize and create new derivative data products using existing seismic data to facilitate screening and evaluation of carbon storage sites.

Dechun Lin, EVP, Multi-Client, CGG, said: CGG is actively committed to the climate and environment and constantly seeking ways to leverage its vast Earth library, technology and expertise. This MoU with PGS is consistent with our strategy to advance our data and geoscience offering to support the energy transition through accelerating the development and commercialization of CCUS, hydrogen and ammonia storage, and geothermal energy. The initiative will benefit from the experience of both companies at delivering large-scale high-end seismic products. It will also capitalize on CGGs fifteen years of experience in CCUS projects and the expertise of our CCS & Energy Storage group, across storage evaluation, reservoir characterization, engineering, instrumentation and monitoring. We look forward to developing with PGS the next generation of multi-client data tailored to the needs of the CCUS industry.

PGS recognizes the importance and potential of CCUS to mitigate climate change, and we are committed to contribute to this activity. Our comprehensive worldwidemulti-client datalibraryand geophysical competencewill bevaluableresources in addition to our acquisition services for optimal CCUS site derisking. By joining forces with CGG we can offer unmatched data coverage and unique services to help operators significantly accelerate their activities, says Berit Osnes, Executive Vice President, PGS New Energy, and concludes: PGS looks forward to work closely with CGG to offer modern, high-quality data products to support the identification and classification of CO2 storage reservoirs.

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor RelationsChristophe Barnini Tel: + 33 1 64 47 38 11E-Mail: christophe.barnini@cgg.com

Attachment

-- CGG - Press Release pdf version