09/16/2019 | Press release | Distributed by Public on 09/16/2019 07:11
Houston, Texas (16 September 2019) - TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced achievement of five milestones accelerating the company's growth strategy. The achievements include new technologies in key basins; strengthening position in the South Atlantic; further growth onshore; enhancing imaging and efficiencies; and expanding the value chain through data and analytics.
In Europe, TGS has seen good progress on the Utsira dense OBN survey which is now expected to complete in September. The survey is the first major multi-client OBN project in the region and is being carried out in cooperation with Axxis Geo Solutions.
This survey is adjacent to the Jaan 3D survey acquired in 2018-19. The new survey will illuminate plays in the ultra-deep to build upon the success the basin has experienced with SNE, FAN and Yakaar. The project has a 60-day acquisition timeline, with fast-track data available four months after acquisition and the full dataset by August 2020.
Operating in remote offshore locations, the physical shipment of seismic data from vessels to onshore facilities is an operational bottleneck that increases health, safety and environment exposure and causes delays in data processing.
During a recent test in Argentina, TGS was able to receive and process data to ultra-fast track pre-stack time migration (PSTM) products within 24 hours. The PSTM product allowed for basin definition and a re-orientation of the survey based on geological features observed. It also allowed for more in-depth acquisition quality control and an early identification of the velocity model and parameter selection for processing.
TGS will leverage its industry-leading data library of seismic and well log data in the key regions of oil and gas activity across the world. In addition, the collaboration will feature TGS' ARLAS solution. By integrating Quantico's QRes technology with TGS' data library and ARLAS solution, oil companies will have turnkey access to the most comprehensive geoscience data and technologically advanced AI solutions to deliver maximum production with faster cycle times.
Kristian Johansen, CEO, TGS said, 'We are excited by the recent achievements to continue our growth. These strategic milestones further enhance TGS' position as the leading provider of subsurface intelligence, providing our clients and the industry with the quality data they need to make the best possible decisions for their investments.'
For more information, visit TGS.comor contact:
Investors: Dean Zuzic, Chief Financial Officer, [email protected]
Media: Jaclyn Townsend, Director, Global Marketing, [email protected]
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.