OSLO, NORWAY (13 January 2021) - TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced the commencement of the Espirito Santo multi-client 3D seismic survey offshore Brazil – previously publicized on 18 November 2020. This survey, covering 1,347 square kilometers, will broaden the region's 3D coverage while adding to the extensive offshore seismic library. This survey is being acquired in a dual-azimuth acquisition format.
Kristian Johansen, CEO at TGS, commented, “We are pleased to commence this new survey as we grow our 3D library and further position TGS in the region. Further, we remain strongly committed to conducting our operations in a sustainable manner while providing first-class data and insights services offshore Brazil and all areas of operations around the world.”
Espirito Santo fast track data is expected in Q4 2021 and will be processed using Dynamic Matching Full Wave Inversion (DM-FWI). DM-FWI is a technology that uses seismic reflection and refraction information to automatically update the velocity model and allows for superior, geologically coherent velocity models, improved subsurface analysis and reduced uncertainty. Dynamic Matching FWI achieves a step-change in velocity modelling where imaging in depth is clearer and more geologically consistent while overcoming many of the limitations of standard FWI.
This project is supported by industry funding.
About TGS
TGS provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration 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, contact:
Fredrik Amundsen
Chief Financial Officer
investor@tgs.com
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