OSLO, Norway (4 January 2023) - TGS, a global provider of energy data and intelligence, in partnership with CGG, a global technology and HPC leader, today announced the second phase of the Foz do Amazonas 3D multi-client survey, located in the offshore Brazil Equatorial Margin. This survey, covering 11,425 square kilometers, will broaden the region's 3D coverage and deliver additional high-quality data essential for the exploration efforts in the basin.
Existing 2D data and adjacent 3D data indicate the presence of reservoir depositional fairways in this location which overlies a source interval contemporaneous with the Guyana Basin petroleum system. Basin model studies predict a mature Early Cretaceous petroleum system with extensive regional reservoir distribution. The nearby Zaedyus discovery in French Guiana and the Narina and Venus wildcat discoveries on the conjugate margins of Liberia and Sierra Leone support resource potential in the Foz do Amazonas Basin.
Kristian Johansen, CEO at TGS commented, "We're pleased to announce the Foz do Amazonas 3D Phase II project with our partner CGG. For TGS, this project further strengthens our data library position in the Equatorial Margin and will be instrumental in enabling exploration companies to have a robust subsurface understanding in advance of future Permanent Offer rounds."
Sophie Zurquiyah, CEO at CGG, said: "With our established leadership in geoscience solutions and unmatched experience in the Equatorial Margin, spanning Guyana, Suriname and Brazil, our geoscientists will apply their deep regional insight and cutting-edge imaging technologies such as time-lag FWI and least-squares migration to provide the high-resolution, high-fidelity data and images necessary to better understand this frontier basin."
Early-out PSDM products will be available in Q4 2023, with final products available from 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
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- TGS_FozdeAmazonas3DPh2 (https://ml-eu.globenewswire.com/Resource/Download/f530ff0f-29be-4f58-98ad-a7cc23de77e3)
