ASKER, Norway (9 March 2020) – Following the highly successful Amendment Phase 1 project acquired in Mississippi Canyon in 2019, TGS, in strategic collaboration with Schlumberger, announced the second phase of their ultra-long offset node project in U.S. Gulf of Mexico. The next phase will extend the footprint of ultra-long offset data to the Northern Green Canyon protraction area and will be called “Engagement”. This area is characterized by complex geology and multiple salt bodies, driving industry towards a new approach to illuminate the subsurface structures. The combination of ocean bottom node data, used to record ultra-long offsets and full waveform inversion, is expected to deliver a significant uplift to the velocity model which in turn will be used to amend the existing WAZ and Coil data in the area.
Acquisition of the project is expected to commence in April 2020 with final data available in 2021. The Amendment and Engagement projects represent a new generation of survey design, with significant areas in the Gulf of Mexico and elsewhere that will benefit.
Kristian Johansen, CEO at TGS, said, “Green Canyon continues to experience high levels of E&P leasing activity and is a priority area for deep water exploration activity. This survey will be a critical tool to support our customers’ plans in this region. Once complete it will be the largest ultra-long offset node project in the World.”
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, machine learning and data integration solutions.
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 more information, visit TGS.com or contact:
Fredrik Amundsen, Chief Financial Officer - investor@tgs.com, +47 99589882
Sven Larsen, EVP, Strategy & M&A - investor@tgs.com, +47 66769900