OSLO, Norway (26 October 2020) - The seismic consortium comprising PGS, TGS and WesternGeco has been awarded a multi-year contract by PETRONAS through competitive bidding to acquire and process up to 105,000 square kilometers of multi-sensor multi-client 3D data in the Sarawak Basin, offshore Malaysia.
This contract award follows an ongoing campaign by the consortium in the Sabah offshore region of Malaysia, awarded in 2016, in which over 50,000 square kilometers of high-quality 3D seismic data have been acquired and licensed to the oil and gas industry to support Malaysia license round and exploration activity.
The Sarawak award will enable the consortium to position itself in Malaysian seismic exploration and allow for a multi-phase program to promote exploration efforts in the prolific Sarawak East Natuna Basin (Deepwater North Luconia and West Luconia Province).
"We are very pleased to have received this good news from PETRONAS through Malaysia Petroleum Management," said Nathan Oliver, PGS Executive Vice President Sales & Services. "Since this same consortium also acquiring multi-client data offshore Sabah, we have demonstrated the benefit of the multi-client business model to the Malaysian authorities and provided the oil and gas industry with high-quality seismic data in this prolific hydrocarbon basin. With this new award, we are able to expand the multi-client coverage into the Sarawak region to increase exploration and enhance production activities."
Rune Eng, TGS Executive Vice President, International said, "With this exciting project award, the consortium will play its part in encouraging and enhancing future exploration in Malaysia, enabling E&P companies to participate in the acquisition of high-quality modern 3D seismic data on a cost-effective regional basis."
"The consortium will continue to use the latest technologies to accelerate discoveries in the Sarawak offshore basins," said Rajeev Sonthalia, president, Digital & Integration, Schlumberger. "Modern data will be used both to enhance existing production assets and develop new play concepts in areas where legacy data has failed to provide the insight needed to find new opportunities with a high degree of confidence."
The consortium is planning the initial phases and is engaging with the oil and gas industry to secure prefunding ahead of planned acquisition, covering both open blocks and areas of existing farm-in opportunities. Interested parties should contact the constituent members of the consortium for further details.
About TGS
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration 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:
Fredrik Amundsen
Chief Financial Officer
investor@tgs.com
Attachment
- Sarawak MultiClient 3D (https://ml-eu.globenewswire.com/Resource/Download/516af7f2-a974-4071-b39c-ed786604bd6c)
