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Magseis Fairfield Secures Additional Pre-funding for Multi-client Project

Source: www.gulfoilandgas.com 7/29/2020, Location: Europe

Magseis Fairfield has together with its partner, CGG, secured pre-funding from another oil major for the extension of the OBN Cornerstone multi-client survey in the North Sea. This both confirms the industry interest in the area and reduces Magseis Fairfield’s relative exposure in the project.

'Together with CGG we are bringing together leading nodal acquisition and data processing technologies to re-image this mature basin with superior imaging quality. The project was developed in close collaboration with the industry, and we are confident that higher quality data will generate value creation opportunities for our clients,' says CEO Carel Hooijkaas in Magseis Fairfield. The Oil and Gas Authority’s 32nd offshore license round includes a significant number of blocks in the project area and is expected to generate further interest in the Cornerstone multi-client data.

The project had already been granted partial pre-funding from another oil major when it was announced in November 2019. The survey commenced in March 2020 and will with this extension run to the end of 2020 North Sea season. Planning for next year’s program is well underway, as not all prefunded commitment areas will be covered during this season.

'For us this is further supports our multi-client strategy and provides a significant further de-risking of this project. As earlier communicated, we have taken decisive action to preserve our financial flexibility and ensure a good entry into 2021, and this supports those efforts,' says Hooijkaas.

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