Source: GlobeNewswire (MIL-OSI)
OSLO, Norway (7 June 2021) – TGS, a global provider of energy data and intelligence, in partnership with PGS, today announced that it has commenced acquisition of the Cape Anguille 3D program. This program expands the TGS-PGS joint venture with an additional 10,000 square kilometers of 3D coverage offshore Newfoundland.
The survey covers existing lease blocks and open acreage in the prospective Orphan Basin. The Orphan Basin has, among others, potential Cretaceous and Tertiary infill depocentres. The data acquired and processed will include Kirchhoff 3D PSTM volumes, and PGS’ Ramform Titan will perform the long offset acquisition, utilizing Geostreamer® technology.
Kristian Johansen, CEO at TGS, commented, “The TGS and PGS joint venture offshore East Canada has successfully and consistently provided the industry with the highest quality data in advance of scheduled lease rounds. The Cape Anquille 3D survey will be instrumental in assessing potential prospects that have initially been identified from our comprehensive 2D library in the region. Leads have been identified from seismic and work supported by amplitude variations (AVO). Our combined seismic, well log and interpretation datasets provide the industry with invaluable subsurface insight. This data will enable our clients to provide improved geophysical and geological insights to de-risk their exploration activities and prepare for upcoming licensing rounds. TGS is working with our partner PGS to build on this project to make this part of a two vessel season.”
Rune Olav Pedersen, President and CEO of PGS commented, “Canada remains a good investment for explorers and for the 11th year and we experience solid industry interest for expansion of our high-quality multi-client library offshore Newfoundland. We will deploy two Ramform Titan-class vessels for the full season with GeoStreamer technology, a tailored towing configuration and advanced imaging workflows to deliver data that can provide significant insights to help de-risk the prospects and plays offshore Canada.”
Fast Track Kirchhoff PSTM stacks are scheduled to be delivered by November 2021. Final Kirchhoff PSTM stacks are expected to be delivered to TGS Data by March 2022
This project is supported by industry funding.
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
Tel: +47 90 94 36 73