Asker, Norway (14 January 2020) – TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, announced today it has completed the purchase of four 3D seismic surveys in the North Slope region of Alaska.
The newly acquired seismic programs provide modern high-resolution imaging which encompass 1,606 square kilometers with an additional 632 square kilometers to be acquired in 2020. The surveys, which advance TGS’ effort to expand into active frontier basins, are further complemented by TGS’ extensive well data library that will assist exploration companies to further evaluate new reservoir targets and rejuvenate historic discoveries. New project acquisition, Kuukpik 3D Phase 2, is fully supported by industry funding.
Kristian Johansen, CEO at TGS, said, "The addition of this data in Alaska is an exciting step for TGS and reinforces our commitment to assisting renewed exploration efforts in the region. I am very pleased to see the growth of our onshore portfolio into a historically productive region with tremendous potential for significant new hydrocarbon discoveries. Our unique combination of seismic and well data products delivers valuable insights into the North Slope for the best subsurface understanding available.”
The North Slope of Alaska is a prolific oil and gas producing region of the United States with over 17 billion barrels produced since the 1960’s. Onshore and near-shore discoveries have proven reserves in structural and stratigraphic traps in numerous formations ranging in age from the Mississippian Endicott Group to the Oligocene Franklin Bluffs Member. Recent discoveries in the Cretaceous topsets of the Nanushuk formation have revitalized exploration efforts in the Western North Slope and provided analogues for additional similar stratigraphic discoveries in the Eastern North Slope.
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.
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. 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:
Dean Zuzic, Chief Financial Officer, Dean.zuzic@tgs.com