OSLO, Norway (22 December 2022) - TGS, a global provider of energy data and intelligence, and CGG, a global technology and HPC leader, have been jointly awarded the acquisition and imaging of a dense ocean bottom node (OBN) multi-client seismic survey in the Sleipner Area of the Norwegian Continental Shelf (NCS).
The Sleipner OBN survey, located directly south of the Utsira OBN in the North Sea, will span an additional 1,201 square kilometers area under receivers (AUR) to increase the contiguous multi-client OBN coverage in the region to 3,278 square kilometers AUR. The survey area covers a mature part of the North Sea that includes the Sleipner East, Sleipner West, Gina Krog, Volve and Utgard fields, as well as surrounding infrastructure-led exploration (ILX) areas for potential tiebacks to existing infrastructure. Current production hubs in the area enable quick transport of produced hydrocarbons, including significant volumes of gas, to the European market.
TGS will be the operator throughout the acquisition phase. The company will apply its experience and technical expertise in managing many complex OBN acquisition programs in the North Sea and other regions to provide valuable insight into enhanced exploration opportunities across this part of the NCS
CGG, the OBN imaging specialist, will apply its proprietary OBN processing and imaging technology, including time-lag full-waveform inversion, to create a high-quality 3D volume that will enhance the resolution and structural definition of the complex geology and reservoirs in the region.
Kristian Johansen, Chief Executive Officer at TGS, commented, "TGS remains committed to providing the industry with world-class multi-client OBN surveys. We are leading the way in supporting E&P companies as they seek to maximize resources in regions with strong ILX activity, including those with gas-derived exploration opportunities."
Sophie Zurquiyah, Chief Executive Officer at CGG, said, "CGG has an unrivaled track record of successfully conducting OBN seismic imaging projects around the world and in the North Sea in particular. Our geoscientists will apply their regional insight and our very latest OBN technologies and expertise to deliver the highest-quality images to meet industry needs for the continued exploration and development of the NCS."
The acquisition will commence in June 2023, with final processed deliverables to be completed by the end of Q3 2024.
The 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.comor contact:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
