Asker, Norway (21 April 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, has announced that it has completed the reprocessing of a 21,631-square kilometer regional 2D seismic survey offshore Sakhalin Island, in the Russian Sea of Okhotsk. The reprocessing has been undertaken with the support of TGS’ Russian partner, DMNG.
Following completion of the project, first data has been sent out to pre-funding customers and is now available to all industry customers. The survey covers acreage that has shown excellent prospectivity, and exploration looks highly promising.
This reprocessing project is the second phase of a mission to provide greater offshore coverage of the region, following TGS’ original 2D Phase 1 Clari-Fi broadband reprocessing of 18,970 square kilometers in 2019. Together, these products will provide much-needed high quality data for explorers and interpreters, giving greater clarity of decision-making.
Kristian Johansen, CEO at TGS, said: “Offshore Russia has long been an important region for TGS and the completion of the second phase of processing in the Sea of Okhotsk further strengthens our library of data here. There have been a number of significant discoveries of both oil and gas in recent years and our seismic data will be a core tool for explorers as they seek to further develop offshore hydrocarbon resources in the area in the years to come.”
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:
Sven Børre Larsen, EVP, Strategy and M&A, +47 90 94 36 73, investor@tgs.com