TGS Announces New 3D Multi-Client Seismic Survey in the Egyptian Red SeaSource: OMX
OSLO, Norway (29 October 2021) - TGS, a global provider of energy data and intelligence, today announced a new 3D seismic survey in the Red Sea, Egypt, in partnership with Schlumberger.
The project will encompass approximately 6,800 square kilometers and will be acquired with long offsets and processed using a Pre-Stack Depth Migration (PSDM) workflow to enable sub salt imaging ahead of the anticipated license round. Final products are expected in Q4 2022.
The Red Sea is considered to hold significant hydrocarbon potential, and opportunities in Egypt are enhanced by a stable investment environment, established exploration infrastructure and regular, transparent and well managed licensing rounds.
Kristian Johansen, CEO at TGS, commented, “The Egyptian Red Sea area comprises a range of prospective hydrocarbon systems with large, untested structures offering excellent growth opportunities for oil companies. Using modern acquisition and imaging technologies, we continue to improve subsurface understanding and increase exploration potential in a country that continues to attract investment from E&P companies.”
TGS and Schlumberger have a long-term commitment with the Egypt Ministry of Petroleum and South Valley Egyptian Petroleum Holding Company (GANOPE) to promote the prospectivity of the Egyptian Red Sea. Through the acquisition and processing of seismic data. GANOPE is responsible for managing Egypt’s hydrocarbon resource potential under latitude line 28°.
The survey is supported by industry funding.
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
+47 909 43 673