HOUSTON – Baker Hughes (NYSE:BHI) and CGG (NYSE/Euronext:CGG) have signed a letter of intent to realign the VSFusion joint venture to focus on microseismic monitoring, processing, visualization, and interpretation plus permanent monitoring. The venture, announced at the SEG annual meeting, is now called Magnitude.
“The launch of Magnitude merges borehole and surface microseismic,” said Douglas Stephens, president, Pressure Pumping for Baker Hughes.
“Magnitude integrates the latest innovative technologies from Baker Hughes and CGG, combining downhole and surface data to help oil and gas operators reduce risk in their reservoir development investments,” commented Lionel Lhommet, executive vice president of Strategy, Integration and Partnerships for CGG.
Fernando Lopez, president of the Magnitude JV, said the value if the new arrangement is in an optimized network for better understanding of the reservoir to raise the production rates and efficiency.
Magnitude will use reservoir models that integrate log-derived, near-wellbore geomechanical and petrophysical properties from Baker Hughes with calibrated seismic data from CGG to help in well placement and completion design.