Int’l & local firms in running for 3D seismic survey contract

– as 4 out of 8 bidders shortlisted for project to survey Guyana’s oil resources

Out of the eight bidders who were originally in contention for the contract to conduct the 3D seismic survey on Guyana’s oil resources, four of them have been shortlisted by the National Procurement and Tender Administration (NPTAB).
Among the firms now shortlisted is American company TGS Magseis, which in 2023 acquired Magseis Fairfield. Meanwhile, the Norwegian company that was shortlisted is PSS-GEO, which provides geophysical services and seismic data processing to the oil industry.
The last two bidders are British firm Shearwater GeoServices Limited, which partnered with Guyanese firm Latitude Energy Incorporated. Finally, British company CGG Beritas Services UK Limited also made it to the shortlist.
To encourage more companies to explore for oil and bid for blocks, the government had announced plans to undertake a 3D seismic survey. The government had, in June 2024, issued a tender after seeing expressions of interest from companies to do the survey. According to the 2024 Mid-Year Report, of the eight companies that expressed an interest, seven were asked to submit proposals to the government.

The 2024 Mid-Year report had stated that the evaluation of the proposals would have been completed in the second half of this year and that the contract was also expected to be awarded by year-end.
It had been explained in the notice issued by the Ministry of Natural Resources and Environment (MNRE) that the state is seeking a reputable and experienced firm to conduct a “3D Multi-Client Seismic Survey” in the Exclusive Economic Zone (EEZ) offshore Guyana.
According to the government, the firm that is eventually contracted would be required to acquire, process, and interpret the 3D seismic data to pave the way for exploration and development of oil and gas resources offshore. Additionally, the firm would be required to ensure “high-quality seismic data is available for effective evaluation during future bidding and licensing rounds.”
The MNRE had also noted that, for a firm to be eligible for the assignment, it must “be an internationally recognised firm with prior experience completing three similar assignments/contracts at least 12 years before the application submission deadline.”
At a previous press conference, Vice President Dr. Bharrat Jagdeo had said that once the prequalification process is completed, the bidders must submit proposals for the project. He had also assured that the study would come at no cost to the government.
“We went out the last auction without any 3D seismic study, so we didn’t have much data for the areas. When you have less data, people don’t put in great bids, so they don’t know what is there, they can’t interpret the data,” he had said. “We are hoping that [for] all of the unallocated areas, we may have the 3D seismic studies done by these people. They do it, we don’t have to pay for it, because it’s a very costly exercise, and they can share the data with us and sell it to the clients,” Jagdeo had further explained.
Meanwhile, arrangements for a data repository, to hold all historical and current data on Guyana’s oil industry, are also expected to be finalised by this year-end. American firm Haliburton had submitted a US$ 1.8 million bid for this contract.
A petroleum data repository is a centralised storage and management system that hosts data for exploration, production, and distribution of petroleum and natural gas. It serves as a hub for various types of oil-related information, including seismic data, drilling records, and reservoir engineering data.
Both the seismic survey and the repository are important elements of future bid rounds. At present, the government is finalising the bid round that occurred last year. Last year’s auction concluded with 14 oil blocks on offer within the country’s shallow and deep-water areas.
During the bidding round, eight blocks were shortlisted based on the bidders’ ability to meet the criteria of the expected work programme and the required financial commitments. Six companies were awarded oil blocks, among them a female-owned Guyanese company, Sispro Inc., which secured two blocks.