OSLO, Norway (30 May 2023) - TGS, a global provider of energy data and intelligence, in partnership with PGS and Schlumberger, has secured pre-funding for a 6,885 square kilometer multi-client 3D seismic survey offshore Malaysia in North Luconia Province of the Sarawak Basin. This new acquisition is due to commence in June 2023.
This survey is the second phase of a multi-year contract awarded initially by Petronas in August 2020 to acquire and process up to 105,000 square kilometers of multi-client 3D data over a 5-year period in the Basin. This survey builds on the initial phase of this project in the Sarawak North Luconia Province, which commenced in 2021 and covered 8,400 square kilometers.
Kristian Johansen, TGS CEO, commented, "TGS has built an expansive multi-client data library across the Asia-Pacific region, and we are pleased to return to the Sarawak Basin with our partners. Sarawak is an area that has recently experienced multiple oil and gas discoveries, and we expect this to be a very important basin for future exploration. We continue to work closely and collaboratively with our customers, partners and other stakeholders in Malaysia to drive exploration success."
"As the custodian of Malaysia's petroleum resources, Malaysia Petroleum Management (MPM), PETRONAS is actively enhancing seismic data sets in the country that will introduce new plays to be explored to our clients, especially in imaging the pre-MMU play in the deep-water area of Sarawak Basin," he added.
Survey acquisition is expected to conclude in August 2023, with final deliverables available in Q2 2024. Interim results will be available to assist with early acreage evaluation.
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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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.
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Sven Børre Larsen
Chief Financial Officer
investor@tgs.com
