Shearwater expands its multi-client footprint, announces start of the Pelotas Basin 3D offshore Brazil

The Pelotas Basin 3D is adding to the company’s existing library in the conjugate Orange Basin of Namibia and is a continuation of the co-operation with joint-venture partner Searcher Seismic. The Pelotas Basin attracted significant interest in the recent 4th Cycle of the open acreage bid round and the project is supported by industry funding. The initial phase of the Pelotas Basin 3D will be 3,800 sq.km, with a planned extension.

The joint-venture partners have prior to this successfully acquired over 12,500 sq.km in the highly prolific Orange Basin with significant industry support from multiple clients. Clients are now benefitting from Shearwater’s high quality fast-track data as farm-in opportunities are assessed and drilling campaigns continue. The final products of the four adjacent projects in the Orange Basin will be delivered upon completion of processing throughout 2024.

In addition to the above-mentioned projects, Shearwater is well under way establishing its multi-client organisation having added complementary resources and partnerships, while benefitting from the core strengths of the company.

"It’s an exciting time as we build a fit for purpose organisation to support Shearwater’s organic entry into multi-client. Together with complementary partnerships we are building a portfolio of investment opportunities for the future. These projects consolidate our entry into the multi-client domain. Making our robust asset base and industry leading technology accessible under the multi-client model demonstrates our continued ability to deliver value to our stakeholders in a changing marketplace.”

Irene Waage Basili, CEO, Shearwater