Houston, Texas (29 September 2021) - TGS, a global provider of energy data and intelligence, on behalf of the PGS-TGS joint venture, today announced completion of a successful seismic acquisition season offshore Newfoundland, Canada. The newly acquired data provides 3D data coverage to complement the existing 2D grid, enhancing geological and geophysical insights to explorers in the region.
Most recently, over 9,900 square kilometers were acquired for the Cape Anguille 3D project. A fast track volume will be delivered before the end of the year, with the final volume to be delivered in Q1 2022. This survey is essential for assessing potential prospects identified from the comprehensive existing 2D library in the region. A lease round is scheduled in this area for November 2022.
Two additional multi-client programs were completed, including the Lewis Hills 3D Phase 2 survey, which provides a contiguous 3D tie from the Northern Orphan Basin to the Jeanne d’Arc Basin. This survey provides unmatched long offset GeoStreamer® data to provide additional insights of the highly prospective Newfoundland offshore region. Jeanne d’Arc 3D Phase 2 was also successfully acquired, providing previously unimaged geophysical and geological knowledge of this basin.
Kristian Johansen, CEO at TGS, commented, “We’re pleased to have completed another successful acquisition season offshore East Coast Canada – further strengthening our energy data library and position in the region. The data acquired will contribute to our client’s efforts to de-risk their investments in future bid rounds.”
Rune Olav Pedersen, President & CEO at PGS, commented, “We are very pleased the PGS-TGS joint venture has completed the 11th consecutive acquisition season offshore Canada. Two Ramform Titan-class vessels were active for the full season, with tailored GeoStreamer towing configurations. The new datasets expand our 3D MultiClient coverage for this region to 80 000 square kilometers and will help our clients to further de-risk prospects and plays offshore Canada.”
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, visit TGS.com or contact:
Sven Børre Larsen
CFO
+47 90 94 36 73
investor@tgs.com