OSLO, Norway (12 September 2022) – TGS, a global provider of energy data and intelligence, today announced Amendment Phase II, a continuation of its ultra-long offset ocean-bottom node (OBN) acquisition in the U.S. Gulf of Mexico. This project extends the first phase of the survey that was acquired to the east in 2018.
The 151 OCS block survey will begin in December 2022 and is expected to be completed during the first quarter of 2023. Key to this project is the uplift this data will bring to full-waveform inversion (FWI) velocity model building. The results from this data following processing are expected in Q4 2023. On completion of this project, TGS will have built a library of over 550 OCS blocks of ultra-long off-set data in the U.S. Gulf of Mexico over the past four years.
Kristian Johansen, CEO at TGS, commented, "Following the passing of the Inflation Reduction Act, there is a clear roadmap for future license rounds and increased activity in the Gulf of Mexico. As a result, TGS feels this is an ideal time to continue investing in ultra-long offset node data to support industry needs in this highly prospective area."
Magseis Fairfield will conduct the data acquisition as a contractor to TGS.
This project is supported by industry funding.
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.com or contact:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com
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