OSLO, Norway (1 November 2023) – TGS, the leading global provider of energy data and intelligence, has been awarded a four-year extension to a proprietary reservoir monitoring and source acquisition contract in Norway, with a further option to extend by another two years.
Kristian Johansen, CEO at TGS, commented: “This project highlights the value and performance we have delivered over the years, which has now triggered this long-term extension. Long-term contracts like this turn our relationships with our clients into a partnership, where we work together collaboratively to acquire data for better reservoir development and management decisions.”
TGS' reservoir monitoring and source acquisition services are renowned for their comprehensive approach, utilizing cutting-edge technology to gather critical data on subsurface reservoirs. By delivering real-time information on reservoir behavior, TGS empowers energy stakeholders to make informed decisions, optimize resource utilization and promote sustainable energy practices.
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, contact:
Sven Børre Larsen
Chief Financial Officer