OSLO, Norway (6 June 2023) – TGS, a leading global provider of energy data and intelligence, announced today Malvinas 3D Phase III, an expansion of its multi-client 3D coverage in Malvinas Basin offshore Argentina. The company plans to acquire a ~7,500 square kilometer 3D seismic survey and upon completion, TGS will have built a 3D library of 25,000 square kilometers in the Malvinas Basin.
Kristian Johansen, TGS CEO, commented, "We are pleased to announce the expansion of our multi-client coverage for the Malvinas 3D project offshore Argentina. This project demonstrates our commitment to continuously providing our clients with the most up-to-date and accurate information to drive their exploration efforts. By leveraging our advanced seismic imaging technology, we aim to unlock the full potential of this region and support the energy industry in its pursuit of sustainable energy resources."
Acquisition of Malvinas 3D Phase III is expected to commence by early 2024.
This project is supported by industry funding.
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 or contact:
Sven Børre Larsen
Chief Financial Officer