TGS: Project updates

 

 

 

TGS: Project updates

TGS has issued an update on its current offshore seismic survey projects.

The 289,000-sq km (111,583-sq mi) Otos seep and geochemistry program over the US Gulf of Mexico continues: extended sea seep coring operations are due to finish in the current quarter.

Otos is designed to mirror last year’s Gigante seep study in Mexican waters. Final results will be available in late 2017.

Data acquisition has been suspended on the 40,000-sq km (15,444-sq mi) Atlantic Margin 3D AM17 project in the central-southern Norwegian Sea ahead of the winter season, and will re-start next spring.

TGS claims this is the largest 3D survey performed by any company in northern Europe and covers largely open blocks in a relatively under-explored and little-drilled area.

Fasttrack data covering the 24th Norwegian licensing round blocks will be available soon, with final results issued in 2019.

Acquisition of the 5,490-km (2,085-sq mi) Carlsen 3D survey finished in August. This covered open acreage in the southwest Barents Sea between the Tromsø and Sørvestnaget basins.

 

Offshore western Ireland, acquisition finished this month of the 5,400-sq km (2,085-sq mi) Crean 3D project, designed to highlight multi-level targets in this area.

Off Eastern Canada, TGS and PGS have been acquiring seismic for the seventh consecutive year. Their latest campaign takes in 22,000 km (13,670 mi) of 2D data and four 3D projects of around 18,000 sq km (6,950 sq mi).

As for 2018 budgets, oil companies remain cautious in their investment plans, and TGS foresees only a modest growth in exploration spending at best.

The market for seismic data is therefore likely to remain “challenging in the near term,” the company said, with continued pressure on pricing.

TGS Q3-17 Presentation     Link

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