December 7, 2022, Oslo, Norway: PGS, in collaboration with TGS, has secured pre-funding for the Santos Sul MultiClient 3D project in the southwest Santos Basin offshore Brazil. The PGS/TGS collaboration combines the operational and technical strengths of both companies to provide high quality MultiClient data and timely delivery, which are critical to the exploration efforts in this area.
The survey will cover more than 15,000 square kilometers of both open acreage made available by ANP via the new Permanent Offer mechanism ("POR"), and the exploration blocks recently awarded in the 17th Concession bid round and 3rd Cycle of the POR.
The Ramform Tethys will mobilize for the survey in January 2023 and acquisition is scheduled to complete in August 2023.
"We experience continued exploration interest offshore Brazil where the combination of the Ramform designed vessels and GeoStreamer technology is in strong demand.The Santos Sul MultiClient survey expands PGS and TGS 3D data coverage in Brazil and will provide high quality data essential for the exploration of these newly awarded blocks. The PGS/TGS collaboration in this portion of the Santos basin also provides coverage over a wider area available through the permanent offer licensing round," says President & CEO of PGS, Rune Olav Pedersen.
"We are pleased to announce this joint venture with PGS, further strengthening our 3D data library and position in Brazil. The Santos Sul 3D project will be instrumental in providing invaluable data and actionable insights into new and emerging plays outside the Pre-Salt, allowing our clients to de-risk their exploration activities in the region for active and future licensing rounds," says CEO of TGS, Kristian Johansen.
PGS announce contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, and MultiClient projects with a duration of 2 months or more.
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PGS ASA and its subsidiaries.
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The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2021. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.
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