TGS-NOPEC Geophysical Company ASA

11/08/2019 | Press release | Distributed by Public on 11/08/2019 01:04

TGS Secures Rights to New 3D project in Prolific Malay Basin

Consortium to acquire new surveys and merge with reprocessed legacy data

Perth, Australia (8 November 2019) - TGS today announced that it has signed a contract with Petroliam Nasional Berhad (PETRONAS) awarding TGS and partners the exclusive rights to seek pre-funding for a project to deliver to industry a contiguous broadband 3D volume of over 40,000 sq km covering the Malay Basin. The resulting Peninsular Malaysia Mega-Merge seismic dataset will comprise both broadband reprocessing of existing legacy 3D data from field tapes, as well as new broadband 3D acquisition.

TGS is seeking pre-funding from all existing acreage holders in the Malay Basin, as well as any other oil and gas companies that are interested in tapping into the prolific Peninsular Malaysia region. DownUnder GeoSolutions (DUG) will be responsible for all processing work for the project - to be undertaken in Kuala Lumpur - and Polarcus will be responsible for all acquisition activity. This exciting multi-year project is expected to commence in Q2 2020. Prior to the project's completion, TGS plans to make interim products available and pre-funding companies will be able to prioritise their areas of interest.

Rune Eng, Executive Vice President, Southern Hemisphere at TGS, said, 'We are delighted to have received agreement from PETRONAS to deliver an extensive new survey in the Malay Basin. This is a mature and proven hydrocarbon province and together, TGS, DUG Geo and Polarcus form a strong consortium that will deliver state-of-the-art products to industry to facilitate exploration & production (E&P) work in all all relevant Peninsular Malaysia areas for years to come.'

The Peninsular Malaysia Mega-Merge Multi-Client 3D is a planned project seamlessly merging broadband reprocessed legacy 3D volumes with new 3D seismic acquisition over existing gaps, providing broadband pre-stack time (PSTM) and pre-stack depth migration (PSDM) products over the Malay Basin.

For the very first time, this project will provide industry access to coherent regional broadband 3D seismic imaging over the prolific Malay Basin. This project itself plans to serve not only as an exploration framework for extending viable play fairways to surrounding areas, but also for drilling and developing opportunities - from subtle accumulations that have been overlooked, to deeper targets which remain untested. Additionally, the project will utilise a single high-end broadband acquisition technology for data consistency, ensuring that customers can make use of a high quality, seamless survey merge.

About the consortium

This project created a compelling argument for bringing together three of the industry's leading seismic project management, acquisition and processing players. TGS is the world's leading provider of non-exclusive seismic data, supplying the industry with class-leading sub-surface imagery over mature and frontier basins. The company has an established track record of rejuvenating exploration interest over mature basins.

DownUnder GeoSolutions is one of the world's leading geoscience companies, providing data processing and imaging services, cloud-based HPC services and software to the industry. Its offerings include key technologies such as DUG Broad, Q Migration and High Frequency Full Waveform Inversion. It has extensive experience working on Malaysian projects, having had an office in Kuala Lumpur for over 15 years.

Polarcus is one of the world's leading marine geophysical companies, with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services globally. It operates the youngest seismic fleet in the industry, with an excellent health, safety & environment record.

About TGS

TGS-NOPEC Geophysical Company (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.

For more information visit TGS online at www.tgs.com.

For additional information about this media release, please contact:

Jaclyn Townsend,Director, Brand Marketing, Tel: +1 832-667-757, Email: [email protected]