Asker, Norway (5 March 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced that processing of the northern half of its landmark ocean-bottom node (OBN) multi-client survey in the Norwegian North Sea is complete and has been delivered to pre-funding customers. Data processing will be complete for the southern half of Utsira in September 2020.
Undertaken in conjunction with its partner, Axxis Geo Solutions (AGS) the 1,584-square kilometer Utsira survey was completed in October 2019. The total number of nodes deployed for the survey was 143,567 and total shots was 3,942,230. The size of the input data for processing of the entire survey was 1.5 petabytes. To put the project into context, the data collected is equivalent to a typical 520,000-square kilometer marine survey - enough to cover an area the size of Spain.
TGS also announced today that it will be conducting a roadshow in Norway beginning on the 18th March for any companies that wish to view this standout seismic imaging data.
Kristian Johansen, CEO at TGS, stated: “TGS has been at the forefront of the recent commercial development of multi-client OBN technologies and the launch of our Utsira OBN data library is a further step forward in our efforts to grow this market over the next decade.
Our OBN data is defining a new reference point for quality subsurface imaging which will be imperative for E&P companies as they seek to maximize the life of producing fields and production facilities.”
OBN has proven to be the ultimate imaging tool to help operators overcome complex geological imaging challenges. With full azimuth and ultra-long offsets acquisition, complex geology can be illuminated in all directions and structures and attribute variations can be properly understood. Greater than ten times higher fold significantly improves the signal-to-noise ratio, as well as the ability to distinguish between structure and attribute anomalies. OBN is also the idea tool for characterization of fluids in a reservoir.
Company summary
TGS-NOPEC Geophysical Company (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.
For more information visit TGS online at www.tgs.com.
Forward-looking statements
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 principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS). TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
For additional information about this press release, please contact:
Fredrik Amundsen, Chief Financial Officer, investor@tgs.com