OSLO, Norway (5 February 2024) - TGS, a global provider of energy data and
intelligence, in a strategic collaboration with SLB, today announced the
Engagement 5 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf
of Mexico.
Commencing in Q1 2024, the initiation of the seventh program within the seismic
joint venture involves the acquisition of 157 OCS blocks (3,650 square
kilometers) through a long offset, sparse OBN survey. The expansion of data
coverage in the eastern region of Green Canyon will adjoin with prior phases,
establishing a continuous coverage area spanning over 23,000 square kilometers
from the Mississippi Canyon in the east to Garden Banks in the west.
The industry recently participated in the Gulf of Mexico Lease Sale 261, where
blocks within the survey area attracted 16 winning bids and a total bid value of
more than $40 million USD. The Engagement 5 dataset will support existing and
new leaseholders as well as regional explorers with the most technically
advanced subsurface imaging. This is achieved through the utilization of long
offset data combined with the application of elastic full-waveform inversion
(eFWI). Initial data results will be available in H2 2024.
Kristian Johansen, CEO at TGS, commented: "Once again, we are pleased to
announce alongside our project partner, SLB, the expansion of our multi-client
OBN data portfolio in the US Gulf of Mexico. Engagement 5 represents a key
milestone, enabling contiguous coverage between prior phases of an ongoing
initiative that continues to deliver game-changing subsurface imaging for our
clients."
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 volatile market conditions, investment opportunities in new and existing
markets, demand for licensing of data within the energy industry, operational
challenges, and reliance on a cyclical industry and principal customers. 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.com (http://www.tgs.com) or contact:
Sven Børre Larsen
Chief Financial Officer
investor@tgs.com (mailto:investor@tgs.com)
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