Asker, Norway (27 May 2020) – Further to the announcement on April 2, 2020 that the company would undertake a new Atlantic Margin seismic survey, TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, announced today that it has commenced acquisition of its Atlantic Margin 20 (AM20) 3D multi-client seismic project offshore north-west Europe.
The AM20 survey covers the latest APA19 awards in the Norwegian Sea and extends West into open acreage where TGS has identified several interesting leads. This data will provide E&P companies with an interest in the ongoing awards rounds with a greater level of geological insight, leading to improved risk mitigation. As an extension of the Atlantic Margin seismic programs acquired between 2017 and 2019, this latest survey demonstrates TGS’ commitment to consistently grow its data library to meet the requirements of both new license rounds and the industry’s exploration sector.
The AM20 5,600-square kilometer survey will be undertaken over a three-month period during the milder summer season and will be acquired by the Polarcus Adira. The vessel has an acquisition specification of 12 streamers and five sources, fully optimized for high lateral resolution recording, and with two 11-kilometer streamers for full waveform inversion (FWI). TGS expects fast-track data to be available in Q4 2020, with final PSTM product delivery by Q3 2021 and final PSDM product delivery in April 2022.
Kristian Johansen, CEO at TGS, said: “The challenging market caused by a combination of COVID-19 and temporary over-supply of oil, points client interest to areas with regular licensing rounds, proven petroleum systems and existing infrastructure. With access to our latest AM20 data, companies will be able to confidently make their exploration decisions relating to the 2020 Norwegian Awards in Pre-defined Areas, thereby keeping activity levels up on the Norwegian Shelf.”
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, 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 Larsen
EVP, Strategy & M&A
+47 90 94 36 73
investor@tgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
