09/05/2019 | Press release | Distributed by Public on 09/05/2019 07:04
Houston, TX (05 September 2019) -TGS announced today that it has purchased all the outstanding shares and completed the acquisition of Lasser, Inc., a Fort Worth-based company which provides historical and monthly oil and gas production data.
Lasser owns, maintains and licenses a nationwide U.S. well production database. The data will be added to TGS' current Well Performance Database and provides TGS clients access to previously unavailable historical production data. All production data undergoes proprietary operational processes to standardize and allocate production to the well level. Clients can expect complete production histories, high quality data, and forecasts, alongside completion data, which is allocated to each wellbore.
Katja Akentieva, EVP Onshore and Well Data at TGS, said, 'Lasser's vast well performance data library will further solidify TGS' production data offering. Now our customers will have the information they need, all in one place, to help estimate reserves and forecast reservoir performance, leading to better production overall. Our ability to apply the latest technology and analytics algorithms to our expansive library of seismic, well and production data positions TGS to become the primary source for subsurface intelligence.'
TGS' well database also includes over 1,700,000 LAS digital wells in North America and 35 other countries worldwide. TGS' Analytics Ready LAS (ARLAS) coverage extends to 300,000+ wells in the Permian basin and 170,000+ wells in the Anadarko basin.
For more information please contact:
Dean Zuzic - Chief Financial Officer - Tel: +47 414 33560 - [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.