Schlumberger, TGS Start Revolution XII And XIII Surveys

Schlumberger Limited (NYSE:SLB) and TGS have announced the commencement of the Dual Coil Shooting multivessel full-azimuth acquisition Revolution XII and XIII surveys in the U.S. Gulf of Mexico (GoM).

The surveys will span across an area of about 7,150 square kilometers covering the Green Canyon, Atwater Valley and Ewing Bank protraction areas of the Central GoM.

Schlumberger’s WesternGeco Q-Marine point-receiver marine seismic system will be used alongside the proprietary multivessel – Dual Coil Shooting acquisition technique – to acquire the Revolution XIl and XIII surveys. Dual Coil Shooting acquisition technique will provide broadband, long-offset, full-azimuth data. This integration of leading-edge technology and technique will enhance illumination and imaging of the sub-salt and other complex geologic features in this highly active region. The acquisition is expected to close in late first-quarter 2017, while the final processed data will be available in early 2018.

These new Revolution Dual Coil Shooting full-azimuth surveys will help in recording offsets of over 14 kilometer for imaging below the salt in the deepwater GoM. Notably, autonomous marine vehicles (AMV) are being deployed in this latest generation of Revolution surveys. These AMVs will obtain ultra-long offsets of over 20 kilometers at a time, which benefit full waveform inversion in the accurate velocity model building over such complex subsalt areas. This project is supported by industry funding.

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Schlumberger is a leading oilfield services company, providing technology, project management and information services to the global oil and gas industry.

Schlumberger's combination of a strong balance sheet, technological leadership and efficient management is expected to prove beneficial in the long term. Moreover, the company’s efforts to increase its capacity in pressure pumping and strengthening deepwater activity in the GoM are likely to add to revenues going forward. While hydraulic fracturing pricing and land drilling activity remained depressed throughout North America, this was more than offset by the company’s superior technology, internal efficiency gains and size.

Schlumberger carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Devon Energy Corporation (NYSE:DVN) , Enbridge, Inc. (NYSE:ENB) and Enbridge Energy Partners L.P. (NYSE:EEP) . All these stocks sport a Zacks Rank #1 (Strong Buy).