TGS Secures Funding for a Series of Multi-client Programs in Southeast Asia
OSLO, Norway (14 August 2023) – TGS, a leading global provider of energy data and intelligence, announces that it has secured funding for a series of multi-client projects in Southeast Asia, which are anticipated to commence in late Q4 2023.
The program covers six months of new 2D and 3D seismic data acquisition, over 6,600 kilometers of legacy 2D seismic data reprocessing and 300,000 square kilometers of 2D-cubed processing, tied together by a Facies Map Browser (FMB) product that enables fast-track exploration of a regional hotspot. These projects complement TGS’ existing library across India, Bangladesh, Indonesia, Malaysia, and Timor-Leste, encompassing 18,450 kilometers of 2D data, 70,237 square kilometers of 3D data, and 1,940,030 square kilometers of 2D-cubed data.
Kristian Johansen, CEO at TGS, commented: “This program demonstrates our commitment to investing in energy data in Southeast Asia. The energy demand is increasing in line with the region’s rapid economic growth, driven by growing populations and rising incomes. This growth brings with it a number of challenges as governments and E&P companies strive to supply this energy affordably and sustainably. Clients can remain confident that TGS is dedicated to supporting them through these challenges with all their exploration, production and CCS activities.”
About TGS
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.
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Sven Børre Larsen
Chief Financial Officer
