03.04.2024 07:00:07 - dpa-AFX: GNW-Adhoc: TGS Announces Commencement of Penyu Basin Multi-Client 3D Seismic Offshore Peninsular Malaysia
OSLO, Norway (3 April 2024) -TGS, the leading global energy data and
intelligence provider, alongside JV consortium partners PGS and SLB,
announces the commencement of a multi-client 3D seismic project in the Penyu
Basin, offshore Peninsular Malaysia.
In partnership with Malaysia Petroleum Management (MPM), PETRONAS, the custodian
of petroleum resources in Malaysia, this project aims to provide insights on the
exploration opportunities in a broader play fairway and to assess the carbon
storage potential across Penyu Basin area. The acquisition of this new seismic
data will enable clients to effectively conduct evaluation on the exploration
and carbon storage potential for the upcoming Malaysia Bid Round.
Kristian Johansen, TGS CEO, commented: "The Penyu Basin is one of Southeast
Asia's most exciting yet underexplored frontier exploration hotspots, with the
potential of uncovering new exploration plays and CCS opportunities. We are
pleased to be able to collaborate with MPM and our JV partners to spearhead
exploration in this region through a state-of the-art Geostreamer multi-client
3D acquisition program. We continue to increase our footprint across Malaysia as
it develops into a key part of our multi-client seismic data library, and
together with our partners, we look forward to delivering high-quality seismic
data across Malaysia and the Penyu Basin."
Rune Olav Pedersen, President and CEO in PGS says: " We are very pleased on the
commencement of the Penyu basin multi-client 3D seismic program together with
our JV partners, extending the acquisition campaign for the Ramform Sovereign
into the second half of the year. This survey marks a change in how clients use
newly acquired multi-client seismic data. In addition to the traditional oil and
gas exploration activities, this data will be used to facilitate assessment of
Carbon Capture and Storage (CCS) potential. By acquiring multi-client seismic
data with our Ramform vessels and GeoStreamer technology we will provide high
quality regional scale seismic data that will improve regional understanding of
the subsurface."
The Ramform Sovereign vessel was mobilized to the acquisition area in March
2024 and the area coverage is approximately 7,800 square kilometers. Acquisition
completion is anticipated in July 2024, and processing completion is projected
for June 2025.
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. For more information about our
products and services and who we are, visit TGS.com (http://www.tgs.com).
For more information, visit TGS.com or contact:
Sven Børre Larsen
CFO
Tel: +47 90 94 36 73
E-mail: investor@tgs.com (mailto:investor@tgs.com)
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