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TGS Announces Extension to NOAKA Ocean Bottom Node Seismic Survey on the Norwegian Continental Shelf

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TGS
TGS

OSLO, Norway (20 June 2022) - TGS, a global provider of energy data and intelligence, today announced an extension to the 2021 NOAKA Ocean Bottom Node (OBN) seismic survey in the Northern North Sea on the Norwegian Continental Shelf (NCS).

The NOAKA22 survey will comprise an additional 318 square kilometers of multi-client OBN data located within the APA area between Oseberg and Alvheim in the Norwegian North Sea. The NOAKA fields are one of the largest developments on the NCS, with recoverable reserves of more than 500 million barrels of oil equivalents. The area has witnessed significant Infrastructure-Led Exploration (ILX) activity in recent years, and further prospectivity is anticipated.

This latest OBN survey is the third to be acquired by TGS in the North Sea in recent years following the initial phase of this program, NOAKA21, and the flagship Utsira OBN project, a joint survey with AGS. TGS will apply the experience and lessons learned from the acquisition and processing of previous surveys. This includes the extraction and use of ultra-long offset signal for FWI-based model building, and full azimuth, high fold, high signal-to-noise ratios, reliable AVO, and ultra-long offsets to illuminate the complex geology for field development and near-field exploration.

Kristian Johansen, CEO at TGS, stated: "TGS continues to lead the way in delivering multi-client OBN data to support E&P companies as they seek to find new hydrocarbon reserves and maximize the longevity of their production activities. We remain committed to providing the industry with the best data for quality subsurface imaging as evidenced by the growing number of OBN surveys in the TGS multi-client library."

The acquisition for NOAKA22 is expected to commence in June 2022, with final processing deliverables anticipated in Q4 2023.

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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