OSLO, Norway (12 April 2023) - TGS, a global energy data and intelligence provider, announced the commencement of the 20,347 square kilometers Peninsular Malaysia Stage 2 Regional 3D reprocessing. This second phase of the Peninsular Malaysia reprocessing project is part of a multi-year basin revitalization initiative being performed in partnership with DownUnder GeoSolutions (DUG). In combination with the 16,957 square kilometers Stage 1 project, the data coverage represents one of the largest multi-client 3D reprocessing projects ever undertaken in Asia.
Thirty-two 3D seismic surveys will be reprocessed in Stage 2, comprising a mix of vintages covering held acreage, MBR License Blocks, and open acreage in the Malay Basin. The result will create a single contiguous 3D Pre-Stack Time and Pre-Stack Depth Migrated (PSTM & PSDM) volume using a workflow that utilizes FWI, Q-Migration, and Q-Tomography to maximize imaging clarity, especially over complex features such as gas clouds. It will grant oil and gas companies access to a modern regional scale dataset enabling evaluation of the Malay Basin.
In line with Malaysia's carbon-neutral goal of 2050, the continued expansion of this dataset will allow improved regional mapping and structural understanding and the identification of new exploration and Carbon Capture and Storage (CCS) opportunities.
Kristian Johansen, TGS CEO, commented, "Through the latest stage of our extensive 3D reprocessing project, we continue to back exploration across the Malay Basin to enhance future exploration and help address gas supply challenges. "
The project is supported by industry funding. Final time and depth migrated products are expected in mid-2025, although interim products will be available much earlier.
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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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
Chief Financial Officer
investor@tgs.com
