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TGS Commences 3D Reprocessing Project Offshore Uruguay

TGS ASA
TGS ASA

OSLO, Norway (10 November 2022) – TGS, a global provider of energy data and intelligence, today announced it has commenced a 3D data reprocessing program offshore Uruguay. Tannat 3D PSDM Repro consists of 25,000 square kilometers, covering blocks in the active Uruguay Licensing Round.

The data will be regionally integrated and reprocessed using advanced techniques, including de-ghosting, improved velocities and pre-stack merge and migration to depth. This newly enhanced data, combined with TGS' existing 23,000 km of 2D seismic coverage in the area, will allow for the definition of play fairways, leads, and exploration targets - providing E&Ps with the best imaged data to make the most informed decisions ahead of and after the license round.

Kristian Johansen, CEO at TGS, commented, "We are excited to embark on this project and further position TGS in the region supporting the future exploration success Offshore Uruguay."

Early out PSDM data will be available in Q1 2023, with final products to be delivered in Q3 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
Chief Financial Officer
investor@tgs.com

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