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TGS Announces Commencement of Sarawak Phase 3 in Malaysia

Written by Customer Service on . Posted in Public Companies.

OSLO, Norway (30 August 2023) – TGS, the leading global energy data and intelligence provider, and JV consortium partners PGS and SLB announce that pre-funding has been secured to expand the multi-client 3D coverage in the Sarawak Basin, offshore Malaysia.

The survey is the third phase of a multi-year contract awarded by PETRONAS in August 2020 to acquire and process up to 105,000 square kilometers of multi-client 3D seismic data over a five-year period in the Sarawak Basin. The first phase of the Sarawak multi-client 3D project encompassed 8,400 square kilometers, succeeded by an additional 6,800 square kilometers during Phase 2.

Kristian Johansen, TGS CEO, commented: “Sarawak basins are one of Southeast Asia’s most exciting exploration hotspots, with numerous oil and gas discoveries announced in recent months. TGS is pleased to announce Phase 3 of the Sarawak multi-client program, which will support the growing exploration interest of energy companies in this region. Malaysia continues to form a key part of our multi-client data library, and together with our partners, we look forward to delivering high-quality seismic data across the Sarawak basins.”

“Exploration interest in the Sarawak basin is strong and I am very pleased that we have secured pre-funding for phase three, with mobilization commencing back-to-back with completion of phase two. The Sarawak basin comprises of a proven petroleum system with many producing fields. By acquiring multi-client data with our Ramform vessels and GeoStreamer technology, PGS and partners will provide high-quality regional scale seismic data that will improve regional understanding of the petroleum systems,” says President & CEO in PGS, Rune Olav Pedersen.

The Ramform Sovereign vessel is expected to mobilize in late August, covering approximately 5,300 square kilometers for Phase 3, with acquisition completion anticipated in late November 2023.

PETRONAS, through Malaysia Petroleum Management (MPM), is actively enhancing its data sets that will introduce new plays to be explored, especially in imaging the pre-Middle Miocene Unconformity (MMU) play in the deep-water area of Sarawak Basin. This enhancement will enable clients to effectively conduct an assessment of the potential opportunities for exploration and participate in the Malaysia Bid Round.

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 volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. 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
investor@tgs.com

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