Asker, Norway (9 June 2020) - TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced the completion of an additional phase of the Santos Basin 3D Multi-Client seismic survey in Brazil. The survey is located south of the high-profile discoveries in the Santos Basin and the recent sought-after blocks offered in Rounds 15 and 16. The acquisition of 17,500 square kilometers of the 23,000 square kilometers is complete.
This multi-client 3D survey is just the latest of several 3D and 2D surveys completed in Brazil. TGS currently holds over 452,000 kilometers in 2D multi-client data and ~72,500 square kilometers in 3D multi-client data in Brazil.
Kristian Johansen, CEO at TGS, said, “We are pleased to have completed this survey acquisition as it further strengthens our data library and position in South America. The Santos Basin is one of the most prolific exploration basins in the world with a high potential for further discoveries in deepwater. TGS will continue to prioritize Brazil as it offers numerous world-class petroleum basins with some of the globe's most exciting oil and gas exploration opportunities.”
Full volume fast track data will be available in August 2020 with final data expected in Q2 2021.
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, visit TGS.com or contact:
Fredrik Amundsen, Chief Financial Officer, investor@tgs.com