TGS, BGP, CGG Commence Acquisition of Suriname 3D Phase 1

OSLO, Norway (11 November 2021) – Further to the announcement on October 20, 2021, of a signed agreement with Staatsolie for multi-client programs offshore Suriname, TGS, acting as the marketing and licensing lead in a consortium with CGG and BGP, today announced that acquisition for Phase 1 of the Suriname 3D project has commenced.

This 3D survey is adjacent to the prolific Block 58 and will cover the up-dip portions of the same Upper Cretaceous channel systems proven successful recently.

Phase 1 includes 11,100 square kilometers of new 3D seismic data acquisition and 3,000 square kilometers of 3D seismic data reprocessing. The acquisition will be undertaken by the BGP Prospector.

CGG will process all of this multi-client data in its Houston subsurface imaging center using a high-end depth imaging workflow, including its proprietary technologies: Time-Lag Full-waveform Inversion (TLFWI) and High-frequency FWI Imaging.

Early products will be available from April 2022 with final TTI Kirchhoff PSDM products ready from November 2022. 

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
CFO
+47 90 94 36 73
investor@tgs.com

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• TGS_Acquisition of Suriname 3D Phase 1

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