CGG formed a partnership with dCarbonX on April 22 to aid in the development of a pioneering decarbonization process offshore, described by the company as critical to the ongoing energy transition push.
Headquartered in London, dCarbonX is building a strategic portfolio of subsurface geothermal, energy storage and carbon sequestration assets through a new process known as decarbonization exploration.
In a company release, CGG said the agreement is to support dCarbonX in the subsurface assessment of its operated clean energy projects offshore Ireland and the U.K. Such projects are critical in the ongoing shift from fossil fuels to renewable energy systems, and is consistent with CGG’s initiatives to actively participate in the energy transition, said Peter Whiting, senior vice president of geoscience EAME (Europe, Africa and Middle East) at the Paris-based geoscience technology firm.
“Our collaboration with dCarbonX, to innovatively support the development of subsurface energy storage, carbon sequestration and geothermal assets focusing on industrial clusters in the Irish Sea and the U.K., reinforces CGG’s commitment to the climate and environment,” Whiting said in a statement.
dCarbonX is pioneering offshore decarbonization exploration as a new, innovative and sustainable enabler of the energy transition, according to the release. The company is currently applying integrated business, geoscientific and well engineering solutions to deliver sustainable subsurface baseload assets, such as green hydrogen storage, carbon sequestration capacity and geothermal energy.
In the company release, CGG said it will bring its integrated geoscience solutions to help identify and de-risk subsurface storage, sequestration and geothermal energy sites utilizing its proprietary expertise in geological, geophysical, engineering, modeling and monitoring technologies, including instrumentation from Sercel, its equipment division.
Commenting on the partnership, Dr. Angus McCoss, co-founder and CTO of dCarbonX, said: “We are very pleased to have CGG as a strategic partner on our operated projects offshore Ireland and the U.K. Their delivery of high-quality integrated geoscience solutions is well established, and we consider CGG’s innovative deep subsurface capabilities as best-in-class.”
“We look forward to working together to pioneer the development of the services and technologies required for a low-carbon future,” he said.
Recommended Reading
Quantum’s VanLoh: New ‘Wave’ of Private Equity Investment Unlikely
2024-10-10 - Private equity titan Wil VanLoh, founder of Quantum Capital Group, shares his perspective on the dearth of oil and gas exploration, family office and private equity funding limitations and where M&A is headed next.
Private Producers Find Dry Powder to Reload
2024-09-04 - An E&P consolidation trend took out many of the biggest private producers inside of two years, but banks, private equity and other lenders are ready to fund a new crop of self-starters in oil and gas.
Wildcatter at Heart: Autry Stephens (1938-2024)
2024-08-18 - Legendary wildcatter Autry Stephens, founder and chairman of Midland Basin E&P Endeavor Energy Resources, stayed true to his “never sell” strategy.
No Rush: Post-M&A Frenzy, Divestiture Market to Pick Up by 2025
2024-10-07 - Lenders with a variety of capital structures are poised to fund the upcoming portfolio rationalization in the post-consolidation era, bankers and deal advisers said at Hart Energy’s Energy Capital Conference.
Citgo Auction in Jeopardy as Venezuela Bondholders Pursue Parallel Claims
2024-10-11 - The court cases have increased uncertainty over which company is best positioned to take over the seventh-largest U.S. refiner Citgo Petroleum.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.