Everything about Westerngeco totally explained
WesternGeco is the world's largest
seismic contracting company. It is a combination of the former
Geco-Prakla and
Western Geophysical. The company is owned by international oilfield services corporation
Schlumberger Limited.
Business
WesternGeco, a member of Schlumberger family, is the world's largest geophysical services company, providing comprehensive worldwide reservoir imaging, monitoring, and development services, with the most extensive geophysical survey crews and data processing centers in the industry, as well as the world's largest multiclient data library. Services range from 3D and time-lapse (4D) seismic surveys to multicomponent surveys for delineating prospects and reservoir management as well as electromagnetic surveys.
The seismic data collected by the company are used by
geophysicists at
oil companies to evaluate the potential for hydrocarbon production in new areas, to determine new
well locations in existing fields, or to monitor the production of hydrocarbons from current wells. The revenues of the company, therefore, are closely tied to worldwide exploration and production activity, but the company doesn't itself make drilling decisions or otherwise produce hydrocarbons.
History
WesternGeco was formed by the
merger in
2000 of two of the world's largest seismic contractors,
Western Geophysical and
Geco-Prakla.
Baker Hughes, which then owned Western, struck a deal with Schlumberger, owners of Geco-Prakla, in which Schlumberger paid cash for a 70% stake in a joint venture of the combined companies.
(External Link
). The operating results of WesternGeco, however, were found in the financial reports of both Baker Hughes and Schlumberger. Effective May
2006, Schlumberger bought out Baker Hughes' 30% stake for a reported $2.4 billion, thus making WesternGeco one of its subsidiaries.
(External Link)
WesternGeco works around the world with the headquarter located in Gatwick, England.
Further Information
Get more info on 'Westerngeco'.
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