The partnership will focus on industrializing Shearwater's marine vibratory source technology and associated services for use in the Brazilian offshore basins.
The company continues to strengthen its global footprint and contribute to the energy transition by supporting major projects around the world.
The Orion project encompasses two carbon storage licenses, CS017 and CS018, covering the decommissioned Amethyst and depleted West Sole gas fields operated by Perenco UK.
The offshore operations are slated to commence in December 2023.
The acquisition, made for an undisclosed amount, underscores OEG's commitment to strengthening its presence and capabilities in the European offshore energy market.
This strategic partnership is geared towards the production of high-quality polymers, incorporating advanced environmental practices such as Carbon Capture and Storage (CCS) utilizing geological formations beneath the Java Sea.
The White Dunes project, spearheaded by Falcon Capital Dakhla, is set to emerge as a prominent hub for the production of what is touted to be "some of the world's cheapest green hydrogen."
The value of the options amounts to approximately $138 million, excluding integrated services, performance incentives, and fuel.
The farmout agreement, pending regulatory approval, marks SEEL’s debut in the UK carbon storage sector, joining CCL and license operator Perenco in a strategic decarbonization initiative.
The drilling program, managed by Odfjell Drilling, is scheduled to be carried out using the semi-submersible rig Deepsea Yantai.
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