TGS Purchases U.S. Onshore Petrophysical Log Database from Petrophysical Solutions
Asker, Norway (6 January 2020) – TGS announced today the purchase of all U.S. onshore petrophysical log database and associated intellectual property from Petrophysical Solutions, Inc.
These petrophysical interpretations, derived from well log and core analysis relationships in approximately 1,400 wells within key unconventional basins, will be added to the current TGS data library. Customers will benefit from high-quality interpretation to aid in reducing risks, increase the probability of drilling successes and increase production by optimizing landing zones, wellbore trajectories and completion designs.
Kristian Johansen, CEO at TGS, commented, “This data acquisition supports critical points in our ongoing strategy to provide our customers with industry-leading basin and regional knowledge, prospect ranking and reservoir evaluation. Accurate parameters determined from petrophysical analysis will make our customers’ completion programs more successful. It will further strengthen TGS’ position as the leading supplier of enhanced well data onshore U.S.”
TGS brings additional value to this data by utilizing LAS Plus (LAS+) premium digital well logs as a starting point for petrophysical interpretation. LAS+ are edited, depth-corrected and composed to provide curves with maximum depth coverage, assuring that the data used in the creation of the resulting petrophysical interpretation is of the highest quality and accuracy. Furthermore, the petrophysical logs will enhance TGS’ Data & Analytics efforts, most notably ARLAS – Analytics Ready LAS, by offering models calibrated on actual rock samples to constrain machine learning algorithms while filling gaps of log curves and calculating the curve responses of missing log runs.
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.
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 TGS.com 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
