We propose some development of wave equation traveltime inversion algorithm that provides the possibility to process both transmitted and reflected waves and to use Newton-like technique for macro-velocity refinement. At each iteration of nonlinear kinematical inversion we solve a linearized inverse problem using LSQR algorithm to obtain a small perturbation of a current macrovelocity model which minimizes traveltime residuals. Numerical experiments with a synthetic and real data have shown that our approach can be successfully applied for improvement of the near borehole velocity in the case of offset VSP survey. <br>


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