TGS Announces New Onshore 3D Seismic Survey in the Montney Basin
OSLO, Norway (10 June 2021) – TGS, a global provider of energy data and intelligence, today announced Hipp Creek 3D, a new Onshore multi-client 3D seismic survey within the Montney Basin of Northeast British Columbia, Canada.
Hipp Creek 3D will add nearly 200 square kilometers of high-quality seismic data tying into existing TGS 3D seismic coverage within their core area of the Montney Basin. As a part of the Company’s sustainability efforts, the acquisition of this survey enacts a dramatic reduction in environmental footprint using advanced acquisition design and recording technology. Phase III of TGS’ low-impact source testing will also be applied throughout the project, further advancing the Company’s goals for setting benchmarks in lowering environmental footprints. Total fuel consumption for all equipment will be measured throughout the Hipp Creek 3D program and used to drive down emissions for future projects.
Additionally, TGS Canada was recently awarded a Certificate of Recognition, achieving a score of 98%, from the Alberta Association for Safety Partnerships in conjunction with the Government of Alberta. The recognition emphasizes TGS’ focus and clear commitment related to the Health and Safety of its contractors and employees and the Company’s efforts to perform all field operations with the highest standards and sustainability in all areas in which it works, including the Hipp Creek program.
Kristian Johansen, CEO at TGS, commented, “Onshore Canada remains a priority for TGS, and the Hipp Creek 3D is a great addition to our extensive coverage in the region – further expanding our comprehensive onshore data library in the Montney basin. This project also provides another industry benchmark, further substantiating a corporate-wide commitment to ESG. From seismic to well log and interpretation data, coupled with our efforts to ensure the most sustainable operations, the additional 3D coverage will be instrumental to our clients and their exploration and development efforts in this area.”
Acquisition will commence in Q4 2021, with data delivery expected in April 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.
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
SVP Strategy
+47 90 94 36 73
investor@tgs.com
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