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TGS Announces New 2D Seismic Survey Offshore Bangladesh

TGS ASA
TGS ASA

OSLO, Norway (03 January 2023) – TGS, a global provider of energy data and intelligence, today announced a new regional multi-client 2D seismic program offshore Bangladesh in partnership with SLB and Petrobangla.

The program's initial phase will comprise approximately 11,000 line kilometers of newly acquired high-resolution broadband 2D seismic data on a regional scale to enhance the geological understanding of the prospective Bengal Fan. In addition, the data will also be an essential tool for acreage evaluation, supporting future license rounds under the soon-to-be-revised fiscal terms widely anticipated by the industry.

The overall program plans to encompass around 32,000 line kilometers of multi-client seismic data covering most of offshore Bangladesh. The new data will be acquired using long offset and long record lengths to image the deeper sections, and will be processed through modern high-end broadband Pre-Stack Time and Depth migrated (PSTM/PSDM) workflows.

Kristian Johansen, CEO at TGS, commented, "We’re pleased to commence this multi-phase seismic program that will provide a much-needed regional framework for understanding the Bengal Fan, considered one of the most extensive unexplored frontier basins remaining in the world. Following the successful completion of our extensive East Coast India 2Dcubed reprocessing project, we continue to provide a seismic-fuelled boost across the Bay of Bengal to support offshore exploration in this region and augment license round decision-making."

The acquisition is planned to commence in early January 2023, with final processing deliverables anticipated in Q1 2024. Fast track results will be available for early acreage evaluation.

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
Chief Financial Officer
investor@tgs.com