TGS ASA , a global provider of energy data and intelligence, announced that it has acquired three 3D multi-client seismic surveys of Polarcus Plc. (‘Polarcus’) covering a total of 12,200 square kilometers offshore Australia. In addition, Polarcus has permanently waived the revenue share rights associated with the multi-client library that TGS acquired in 2015. Polarcus has been eligible to 50% revenue share from the relevant datasets after accumulated revenues reached TGS’ minimum return requirements.
Kristian Johansen, CEO at TGS, stated, “The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring. Over the past six years, TGS has taken advantage of its strong financial position to acquire several multi-client libraries and single assets that have formed the basis for further development of the relevant basins, creating significant value both for our customers and our shareholders.”
….. New 3D Imaging Program in the U.S. Gulf of Mexico
The program includes approximately 6,175 square kilometers of reprocessed 3D seismic data to provide a high-quality regional product, helping E&Ps further explore new and existing plays in this area. Sophies Resolve Refocus 3D marks the next phase of high-quality imaging over the mature, hydrocarbon-producing areas of South Timbalier, Grand Isle and Ewing Bank. By applying advanced imaging techniques utilizing its proprietary Dynamic Matching FWI imaging technology in this highly successful region, TGS will further illuminate the key subsurface structures and provide new insight into the prospectivity within the deeper sub-salt section. Additionally, reprocessing the dataset provides a sustainable way to improve the subsurface knowledge in the region, further advancing the Company’s overall commitment to lowering environmental footprints.
Kristian Johansen, CEO at TGS, commented, “The Gulf of Mexico remains a top priority for TGS. By utilizing the latest imaging techniques, this program provides our customers with the most comprehensive view of the subsurface so they can make the best decisions about their investments – underpinning our commitments to customer service and sustainable operations. Having the best possible understanding of the subsurface also allows TGS to optimize future acquisition investments.”
The project commenced in Q2 of 2021, with final data available in Q3 2022.
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.=
