The presented approach aims at estimating the lateral variation of seismic velocities for a seismic timelapse survey. The monitor survey is depth migrated with the known velocity model of the base survey. An analysis is performed to determine whether the moveout to be expected for the monitor survey after residual prestack depth migration (RPSM) can be used for the velocity determination of the formation of interest. In that case the migrated response for the base horizon of the monitor survey is analyzed in order to determine the velocity distribution by employing residual migration concepts. With the use of Fresnel apertures a rather local application is possible at comparatively low signal to noise ratios. The approach is successfully demonstrated for two isotropic depth models both for a lens-like and for a faulted reservoir structures. In both cases the velocities of the monitor survey is recovered accurately. In addition it is demonstrated that an iterative application is possible and that for these two models even severe compaction of the model has little influence on the velocity estimation.