OSLO, Norway (19 October 2021) - TGS, a global provider of energy data and intelligence, in a consortium with CGG and BGP, today announced the signature of a multi-client agreement with Staatsolie, the state-owned company leading the development of the energy industry in the Republic of Suriname. The agreement allows the consortium to acquire, promote and license multi-client seismic programs, including new 3D acquisition and legacy data reprocessing, in the shallow water acreage offshore Suriname.
Suriname's shallow offshore acreage includes three blocks recently awarded, and current open acreage is slated to be offered in a competitive bid round for 2023. The new seismic data from the consortium's multi-client programs will be instrumental in accurately delineating the prospectivity and potential of this underexplored area and is on trend with the recent material discoveries announced on the prolific block 58.
Plans are in place to start acquiring the new 3D seismic data in the shallow offshore area from Q4 2021 with first products being made available during H1 2022.
Kristian Johansen, CEO at TGS, commented: "We are pleased to announce entry to Suriname to continue successful evaluation of the region's potential. With this exciting multi-client agreement, the consortium will play a key part in encouraging and enhancing future exploration in Suriname, ultimately helping our customers de-risk their investment opportunities."
Sophie Zurquiyah, CEO, CGG, said: "CGG brings its multi-client expertise and high-end imaging technology to this major new program that marks our return to the Guyana-Suriname basin after our successful campaign in the Stabroek block. The resulting exceptional data will bring new insight and potentially extend the trend of recent significant discoveries to the shallow waters of Suriname."
Luo Junchao, President of BGP Offshore, commented, "We are excited to be part of this innovative and pioneering consortium with TGS and CGG providing the industry with a world-class "drill ready" dataset. BGP Offshore will deploy its state-of-the-art 3D vessel BGP Prospector on phase 1 of this project."
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
CFO
+47 90 94 36 73
investor@tgs.com
