OSLO, Norway (21 October 2020) – TGS, a leading provider of multi-client geoscience data for exploration and production companies, today announced the recommencement of the geochemical coring project offshore Nigeria. The initiative is part of an anomaly targeting program focusing on the previously completed analysis of multibeam and backscatter data. This survey is being conducted in conjunction with Nigerian joint venture partner TGS-PetroData.
The coring leg began on 15th October and completion is planned for late November. This coincides with an exciting time for the industry in Nigeria with significant progress being seen on the long-awaited Petroleum Industry Bill. The project covers an area of approximately 82,000 square kilometers offshore Nigeria and will incorporate 17 seabed heat flow measurements and 253 seabed cores whose location is based on multibeam and backscatter anomalies. These data are complemented by TGS’ NGRE19 2D seismic data reprocessed last year to take advantage of modern seismic imaging techniques. Once coring is concluded, geochemistry is undertaken in a world-class laboratory with preliminary results available daily and final reports ready for industry review in Q1 2021.
Kristian Johansen, CEO at TGS, commented, "This multibeam and seismic coverage alongside coring and geochemical analysis will further de-risk the offshore region and speed up exploration decision-making in an area which is likely to see a growing level of licensing activity in the near future. With the progress of the Petroleum Industry Bill the opportunities to further explore offshore Nigeria have never been more appealing.”
This project is supported by industry funding.
About TGS
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
For more information contact:
Fredrik Amundsen
Chief Financial Officer
investor@tgs.com