Company Announcements

TGS Commences New 2D Seismic Campaign Offshore Mauritania

Source: OMX
TGS Commences New 2D Seismic Campaign Offshore Mauritania

OSLO, Norway (14 September 2021) - TGS is commencing a new seismic survey in the MSGBC Basin, offshore Mauritania, adding to the successes of the North-West Africa Atlantic Margin (NWAAM) 2D campaign. The survey, NWAAM 2021, will comprise 7,500 kilometers of seismic data, with a modern broadband acquisition set-up. The project is being undertaken using the vessel BGP Pioneer – and has the full support of the Mauritanian Ministry of Hydrocarbons.

The survey is designed to illuminate the regional plays in the ultra-deep and deepwater areas with a new azimuth and to provide prospectivity insights of an oil-prone area in relation to recent key wells and the shallow water geology. This additional insight will enable explorers to build upon the success the basin has experienced with the Greater Tortue Ahmeyim complex and surrounding discoveries. The project has a 60-day acquisition timeline, with fast-track data available three months after acquisition. The full dataset will be available by Q2 2022.

Kristian Johansen, CEO at TGS, commented, "Our latest seismic survey offshore Mauritania will provide explorers with the subsurface intelligence needed to assess the hydrocarbon potential of the deep and ultra-deepwater. We see this project as the natural continuation of our successful NWAAM campaign, one of our flagship projects in Africa. The MSGBC Basin remains an important region for our clients, and TGS is well positioned with its unique combination of multibeam, seafloor sampling, seismic, interpretation, and imaging products to deliver the best subsurface knowledge in the industry." 

This project is supported by industry funding.

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 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 Børre Larsen
Chief Financial Officer
investor@tgs.com

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