ASKER, NORWAY and HOUSTON, October 12, 2018—TGS and Schlumberger today announced a new multiclient nodal seismic project in the U.S. Gulf of Mexico.
The project, named “Amendment,” will comprise acquisition of a 2,350-km2 multiclient seismic survey in the Mississippi Canyon and Atwater Valley protraction areas of the U.S. Gulf of Mexico. This prolific area includes open acreage, existing producing assets and new discoveries. Seismic data will be acquired using Fairfield Geotechnologies 4C nodal acquisition technology with operations expected to commence in Q4 2018. TGS and Schlumberger will apply their full azimuth processing expertise and expect to deliver final data to customers in Q1 2020.
"The Amendment project will enhance our current data coverage in the Central U.S. Gulf of Mexico. E&P companies are showing increased interest in the benefits of nodal seismic data to overcome imaging challenges in this region. In the Amendment project, TGS and Schlumberger will reimage underlying WAZ seismic data to provide modern, high-quality nodal seismic data to our clients," commented Kristian Johansen, CEO of TGS.
Maurice Nessim, president, WesternGeco, Schlumberger, added, "Schlumberger and TGS have built up extensive geophysical and geological knowledge in this prolific part of the U.S. Gulf of Mexico. In line with the WesternGeco asset-light strategy, the application of nodal seismic technology and state-of-the-art imaging techniques will help to accelerate hydrocarbon discovery, development and production for our clients. This unique dataset will provide a step change in illuminating complex subsurface structures and help E&P companies to maximize the value of their producing assets and rejuvenate their exploration portfolios. This highly integrated project will combine well log data, high-quality orthogonal WAZ and new nodal measurements to provide foundations for the first industry-funded regional nodal survey in the deepwater Gulf of Mexico."
This survey is supported by industry prefunding.
TGS-NOPEC Geophysical Company (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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS). TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY”. For more information, visit TGS online at www.tgs.com.
Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston, London, and The Hague, and reported revenues of $30.44 billion in 2017. For more information, visit www.slb.com.
All statements in this press release other than statements of historical fact are forward-looking statements, such as the commercial plans for the project, acceleration of hydrocarbon discovery by customers as a result of the project, and rejuvenation of customers’ exploration portfolios. Actual results of the project may differ materially from those described in forward-looking statements. The forward-looking statements are subject to a number of risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Some of these risks and uncertainties include customers’ capital expenditures and the failure of nodal seismic technology to accelerate hydrocarbon discovery for customers; reliance on a cyclical industry; TGS' ability to continue to expand markets for licensing of data; TGS' ability to acquire and process data products at costs commensurate with profitability; and (as to Schlumberger) other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. Neither TGS nor Schlumberger undertake any responsibility or obligation to update or alter forward-looking statements for any reason.
For further information, contact:
Sven Børre Larsen
TGS, Chief Financial Officer
Tel: +47 90 94 36 73
TGS, SVP Investor Relations, HR & Communication
Tel: +1 713 860 2184
Schlumberger Limited, Director of Corporate Communication
Tel: +1 713 375 3535