OSLO, Norway (5 April 2022) - TGS, a global provider of energy data and intelligence, today announced the start of a new 3D reprocessing project offshore Malaysia, the first stage of which will cover a 16,957 square kilometer area, integrating existing 3D seismic data offshore Peninsular Malaysia.
Thirty-six 3D seismic surveys of varying vintages covering a key part of the Malay Basin will be processed through a high-end comprehensive broadband workflow by TGS' consortium partner DownUnder GeoSolutions (DUG) in their Kuala Lumpur processing center. The workflow, which includes FWI, Q-Migration, and Q-Tomo, will create a single contiguous 3D volume and represents the only way oil and gas companies can access a modern regional scale dataset to evaluate the Malay Basin.
This new dataset will allow for improved play mapping and structural understanding, identification of new exploration and CCS opportunities, and re-valuation of reserve estimates in late-life assets.
This initial phase is part of a multi-year basin revitalization initiative awarded by PETRONAS. Stage 1 notably includes acreage in the 2022 Malaysia Bid Round, such as the exploration block of PM428 and the Abu Cluster identified as a late-life asset (LLA) prime for re-evaluation, and numerous other oil and gas clusters tied regionally for the first time in modern processed 3D seismic data.
Kristian Johansen, CEO at TGS, commented, "This is our fifth reprocessing project announced in Asia Pacific in Q1 2022, demonstrating the demand for modern data to help address the acute energy supply challenge in this region. In addition to the Peninsular Malaysia Regional 3D Seismic Reprocessing, TGS, as part of the Sarawak Multi-Client consortium, is actively acquiring 3D seismic data offshore Sarawak and is committed to supporting Petronas and other E&P companies across Malaysia."
TGS anticipates that the results of this project will encourage renewed exploration interest in the Malay Basin, enabling project expansion with further stages up to a total potential project area of over 40,000 square kilometers.
The project is supported by industry funding. Final time and depth migrated products are expected during Q2 and Q3 2023, although interim products will be available earlier.
Coverage map for Peninsular Malaysia 3D seismic merge (Phases 1 and 2)
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.com or contact:
Sven Børre Larsen
Chief Financial Officer