TGS Announces Second Reprocessing Project Offshore Indonesia in 2022 – GlobeNewswire

OSLO, Norway (11 January 2022) - TGS, a global provider of energy data and intelligence, today announced it has commenced a broadband 2D regional seismic data reprocessing project covering the offshore Natuna Basin, Indonesia.

The project encompasses both West and East Natuna, tying key wells to create a new regional framework, including coverage of Natuna D Alpha, the largest undeveloped gas field in Southeast Asia, and the Paus block in the current Indonesia Petroleum Bid Round 2021.

Over 6,500 kilometers of relevant regional 2D field data will be processed through a modern comprehensive reprocessing sequence comprising Pre-Stack Time Migration and Pre-Stack Depth Migration with FWI, allowing customers to develop structural and geological models in their pre-study evaluation process.

This project is complemented by TGS' adjacent multi-client activity offshore Malaysia.

Kristian Johansen, CEO at TGS, commented: "Through the Natuna 2D reprocessing project, the exploration industry will greatly benefit from access to a modern reprocessed seismic data framework with a regional overview designed to help re-invigorate exploration across the offshore Natuna Basin".

This project is supported by industry funding. Availability of the deliverables is expected in late Q4 2022.

About TGSTGS 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 StatementAll 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 Brre LarsenCFO+47 90 94 36 73investor@tgs.com

Go here to read the rest:

TGS Announces Second Reprocessing Project Offshore Indonesia in 2022 - GlobeNewswire