TGS Announces New Onshore 3D Seismic Survey in the Powder River Basin
Oslo, Norway (12 August 2020) - TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced Voyager 3D - a new multi-client U.S. onshore 3D seismic survey within the Powder River Basin.
Voyager 3D, located in Johnson County, Wyoming, will encompass approximately 555 square kilometers. The high-resolution survey is ideally situated in the high potential trend to the north of the basin, where the prospective stratigraphic section of stacked reservoirs exceeds 5,000 feet in thickness. Unconventional targets include two world-class source rocks, the Niobrara and Mowry, along with numerous historically productive formations including the upper and lower Cretaceous sandstones and the Pennsylvanian, that are now being exploited successfully with unconventional technologies.
Permitting activities will commence this year with recording of data expected to complete in December 2021 and final products available in Q2 2022. The data will be processed by TGS utilizing its modern onshore imaging technology to provide clients with greater reservoir understanding. The Voyager 3D survey is complemented by TGS' extensive geologic products, which include a fully interpreted regional basin stratigraphic model that is analytics-ready, derived from a vast library of high-quality well data. More than 41,000 LAS logs, 38,700 ARLAS, and over 145,000 raster logs are immediately available for the Powder River Basin.
Kristian Johansen, CEO at TGS, said, "While we are being very selective with respect to new onshore investments in the market, the Voyager 3D project is a good example of a project that checks all boxes with respect to the geology, activity, economics and customer support. This project, which is our second in the Powder River Basin, will allow our customers to de-risk their development activities, helping them to generate value in a challenging market.”
This project is supported by industry funding.
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, and data integration 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.
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Fredrik Amundsen
Chief Financial Officer
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