TGS awarded five-year well data contract extension by BSEE

TGS-NOPEC Geophysical Company has been awarded a five-year contract for Digital Well Log Data Processing. TGS and Schlumberger announced a strategic collaboration for multiclient ocean-bottom. TGS-NOPEC Geophysical Company (TGS) today announced the release of its new well log prediction tool. TGS today reported net revenues* of USD 166 million for Q2 2019. TGS, a leading provider of multi-client geoscience and engineering data for Exploration & Production companies. TGS has been providing Digital Well Log Data Processing services to BSEE since 2004.

TGS and PGS have announced a partnership with Bain Geophysical Services to create a new regional study. TGS-NOPEC Geophysical Company ASA and Spectrum ASA, an extraordinary general meeting of TGS was held on last week. TGS and PGS announce the Jeanne d’Arc High Density 3D (“HD3D”) multi-client project. The survey will cover approximately 8,000km2 and will be acquired by Shearwater using the vessel Polar duchess. BSEE requires complete, defect-free sets of processed, high-quality open-hole digital well log data. The collaboration includes the previously-announced 2,350 km2 Amendment Phase 1 project.

ARLAS log prediction algorithms, part of TGS’ AI initiatives, will calculate missing log curves. It despite a decrease in revenues from transfer fees. The companies can automatically blend industry leading data with proprietary customer data. The Eastern Canada Crustal Study will build 3-D models including depth to magnetic/crystalline basement. The contracts companies to serve as an agent of BSEE for the processing, storage, and delivery of this data. All resolutions proposed were approved by the shareholders of TGS.

“We greatly appreciate the continued trust placed in TGS by BSEE”, said Carl Neuhaus, vice president and TGS.

The project will cover approximately 5,000 km2 and encompasses multiple Exploration Licenses. The vessel has an acquisition specification designed to secure recording. TGS is the official release agent for new offshore well data. TGS prediction algorithms can turn every LAS into a complete Quad-Combo suite. The study was launched in Q1 of 2019 with early industry participation. The minutes from the extraordinary general meeting are attached to this announcement. Acquisition has commenced and is expected to complete in late Q3 2019.

Amendment Phase 1 commenced in early 2019 and data acquisition is expected to complete in Q3 2019. Analytics Ready LAS uses a series of high-density data and blind testing. The strong performance was mainly driven by improved sales momentum in Latin America. Enterprise well master data management platform for advanced analysis and decision making. ASA has also approved the merger plan. The survey will provide clients with the first comprehensive, high resolution 3D dataset. The 2019 acquisition will mainly cover open acreage available in the yearly APA licensing rounds.

“We are pleased to announce this exciting new look at the crust beneath on the highly prospective areas”, said TGS’ Will Ashby, SVP North America.

The company proud to better serve national oil and gas industry by further expanding data availability. Both TGS and WesternGeco have extensive, high-quality multiclient libraries of seismic. TGS is excited to offer ARLAS to the customer. TGS’s cash balance remained strong, at USD 354 million at the end of the quarter. The EIQ TGS Loader processes the most up-to-date and complete data by automatically accessing. This type of regional study helps to better understand the basic geologic framework for the area.

The engagement is perfectly aligned with our mission to enable our customers to hit the ground. The area covers several play models with proven hydrocarbon systems. WesternGeco and TGS will be able to produce a higher-quality product for clients. It complete coverage of all 300,000+ wells in the Permian basin is now available as well as 170,000+ wells. TGS initiated a share repurchase program during the quarter. The data is matched, validated and blended with other proprietary and third-party sources. The Eastern Canada Crustal Study builds upon the recently completed Gulf of Mexico.

It running by accessing the largest library of high quality subsurface data in the industry. The acquisition of Spectrum, announced on 2 May 2019, is moving ahead as planned. The data is then provided in a 10/12/14 digit format for consumption by enterprise. TGS and BainGeo has been delivered to industry. Company pleased about the transaction approval for TGS. The highly productive and prospective area has long been a priority to our customers. The TGS well data library includes more than 1.6 million immediately available LAS files.

E&P companies are increasingly looking to ocean-bottom nodes. The transaction is conducted as a statutory merger pursuant to Norwegian corporate law. The collaboration with TGS provides a new product for our mutual customers to gain advantage in the market. It rapidly improving understanding of the offshore Mexico petroleum system. Spectrum’s portfolio will enhance TGS’ position as a leading multi-client geophysical data provider. TGS and WesternGeco have a strong track record of investing together. Spectrum is a well-related data and geoscience interpretation products.

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