OSLO, Norway (5 February 2024) – TGS, a global provider of energy data and intelligence, in a strategic collaboration with SLB, today announced the Engagement 5 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf of Mexico.
Commencing in Q1 2024, the initiation of the seventh program within the seismic joint venture involves the acquisition of 157 OCS blocks [3,650 square kilometers] through a long offset, sparse OBN survey. The expansion of data coverage in the eastern region of Green Canyon will adjoin with prior phases, establishing a continuous coverage area spanning over 23,000 square kilometers from the Mississippi Canyon in the east to Garden Banks in the west.
The industry recently participated in the Gulf of Mexico Lease Sale 261, where blocks within the survey area attracted 16 winning bids and a total bid value of more than $40 million USD. The Engagement 5 dataset will support existing and new leaseholders as well as regional explorers with the most technically advanced subsurface imaging. This is achieved through the utilization of long offset data combined with the application of elastic full-waveform inversion (eFWI). Initial data results will be available in H2 2024.
Kristian Johansen, CEO at TGS, commented: “Once again, we are pleased to announce alongside our project partner, SLB, the expansion of our multi-client OBN data portfolio in the US Gulf of Mexico. Engagement 5 represents a key milestone, enabling contiguous coverage between prior phases of an ongoing initiative that continues to deliver game-changing subsurface imaging for our clients.”
The project is supported by industry funding.
About TGS
TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and 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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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, visit TGS.com or contact:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com