A method for seismic inversion of vertical seismic profile (VSP) data in an oilfield. The method includes obtaining an initial velocity model of a subterranean formation including acoustic velocities of wave propagation in proximity to the wellbore, determining an acquisition geometry for obtaining the VSP data including receiver locations within the wellbore and a source location, performing a seismic survey to obtain the VSP data based on the acquisition geometry, analyzing arrival signals of the VSP data to generate transit time data for wave propagation from the source location to the receiver locations, modifying the initial velocity model to generate an updated velocity model by performing a tomographic inversion of the transit time data, generating an elastic model of the subterranean formation by performing the seismic inversion of the VSP data using the updated velocity model, and adjusting the operations of the oilfield based on the elastic model.