OSLO, Norway (22 July 2021) - TGS, a global provider of energy data and intelligence, together with PGS and WesternGeco, the exploration data business line of Schlumberger, have secured pre-funding for a 6,400 square kilometer multi-client 3D survey commencing in October in the Sarawak Basin, offshore Malaysia.
The survey is the first phase of a multi-year contract awarded by Petronas in 2020 through competitive bidding to acquire and process up to 105,000 square kilometers of multi-client 3D data over a 5-year period in the Basin.
The first phase of the survey will be acquired by PGS' Ramform Sovereign using multi-sensor GeoStreamer technology and is expected to take approximately 4 months.
The survey area covers acreage included in the Malaysia Bid Round 2021 and fast-track results will be delivered in time for block evaluation. Future acquisition phases are subject to securing sufficient pre-funding.
Nathan Oliver, Executive Vice President, Sales & Services at PGS commented, "We are very pleased to commence the first phase of MultiClient acquisition in the Sarawak basin. By combining the Ramform vessel and our multi-sensor GeoStreamer technology, the energy industry will get access to high-quality seismic data to explore this prolific hydrocarbon basin."
Will Ashby, Executive Vice President, Eastern Hemisphere at TGS, commented, "Through working closely with our clients and consortium partners, we were able to develop this important project which builds upon recent exploration success in the area. This project will support the upcoming bid round offshore Sarawak and will spearhead the next wave of exploration in this region."
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 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.comor contact:
Sven Børre Larsen
SVP Strategy
+47 90 94 36 73
investor@tgs.com
