OSLO, Norway (2 August 2021) - TGS, a global provider of energy data and intelligence, today announced a new Ocean Bottom Node (OBN) seismic survey on the Norwegian Continental Shelf (NCS).
The 437 square kilometer survey will be acquired in the NOAKA area, between Oseberg and Alvheim in the Norwegian North Sea, containing both held and open acreage. This region has seen significant Infrastructure-Led Exploration (ILX) activity in recent years and includes the development of the NOAKA fields, one of the largest developments on the NCS, with recoverable reserves of more than 500 million barrels of oil equivalents.
TGS expects to emulate the recent success of the TGS-AGS Utsira OBN project in the North Sea (the first large-scale, densely sampled OBN survey for exploration) and will apply the learnings from TGS’ ongoing reprocessing of Utsira, including the extraction and use of ultra-long offset signal for FWI-based model building. As with Utsira, the NOAKA survey will utilize full azimuth and ultra-long offsets to understand and illuminate the complex geology in the region. In addition, it will make use of multicomponent processing leading to stable low frequencies, high signal-to-noise ratios, reliable AVO and the ability to distinguish between structure and attribute anomalies.
Kristian Johansen, CEO at TGS, stated: "TGS remains committed to further advance its position as a leading provider of OBN technology to the energy industry. We continue to focus on areas, such as U.S. GOM and the North Sea, where the enhanced insight from this method can generate economically attractive new exploration opportunities for our clients.”
Acquisition is expected to commence in Q3 2021 with final processing deliverables expected in Q3 2022. Revenues are expected to be recognized in Q4 2021.
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 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:
Sven Børre Larsen
SVP Strategy
+47 90 94 36 73
investor@tgs.com