TGS Announces Expansion of 3D Project Offshore Argentina
HOUSTON, Texas (20 November 2019) – Further to a previous press release dated , TGS today announced an expansion of the Malvinas 3D multi-client seismic program offshore Argentina.
The Malvinas 3D seismic survey will now cover approximately 17,800 square kilometers of the highly prospective Malvinas Basin. This expansion represents a 10,500 square kilometer increase from the previously announced 7,300 square kilometers. To accommodate the expansion, the survey will employ two Shearwater vessels, with operations set to commence in Q4 2019 and run until Q2 2020. Initial products will be available in early 2021, with final products slated for H2 2021. The data will be processed by TGS utilizing its high-quality imaging technologies to provide clients with high resolution imaging to greatly assist exploration efforts in the prolific southern Argentine shelf play.
Kristian Johansen, CEO at TGS, commented, “We are delighted to announce the expansion of the Malvinas 3D project. The increased commitment from clients to fund new projects offshore Argentina demonstrates the value that E&Ps place in seismic as a vital tool to make informed drilling decisions. The addition of the Malvinas 3D survey, combined with our well data, 2D seismic and interpretation products in the region, ideally positions TGS as a leader in exposing this frontier area for additional exploration and bolsters our growth strategy in the Southern Atlantic. We look forward to further expanding our data library in the region and partnering with E&Ps in their future developments.”
The project is supported by industry funding.
TGS operates as NOPEC Geophysical in Argentina.
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, machine learning and data integration solutions.
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. 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 or contact:
Dean Zuzic
Chief Financial Officer
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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