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project covering offshore Timor-Leste, in support of the country’s ongoing
license round.
The project combines all available open file and TGS multi-client data across an
area of over 50,000 square kilometers and incorporating over 2,500 lines and
existing 3D’s within the planned area. The 2D data, from over 45 legacy
vintages, covers the entire offshore area south of Timor-Leste where the 11
offshore blocks in the second license round are located.
The final multi-client 2D(cubed )data will be unrivalled in its comprehensive
coverage, allowing customers to develop structural and geological models in
their pre-study evaluation process using a single conformable 3D volume,
imparting confidence in their license round decision-making processes and
supporting further exploration.
2D(cubed )is a unique technology from TGS for generating a 3D seismic migration
volume from a set of 2D and 3D seismic lines. It uses an advanced structurally
conformable interpolation algorithm to maximize the potential of existing 2D
multi-vintage and 3D data. The volume can be used for regional interpretation
and optimization of 2D survey designs and positioning. The very high density of
the available 2D legacy data offshore Timor-Leste lends itself to maximizing the
effectiveness of 2D(cubed), which also merges local 3D surveys, where available.
Similar projects have been undertaken in other Asia Pacific basins in Indonesia
and Australia to industry acclaim, as well as offshore Sakhalin, Russia, and
throughout the Norwegian and UK North Seas.
Availability of the first deliverables is expected from July 2020, with final
deliverables estimated around September 2020. This will allow E&P companies
ample time for data evaluation prior to the closing of the license round, which
is anticipated to be during the first half of 2021.
Kristian Johansen, CEO at TGS, stated: “By making our 2D(cubed )product
available covering offshore Timor-Leste, we believe we are offering E&P players
the most cost-effective de-risking tool to evaluate the available license round
acreage on offer using a 3D seismic data volume. This will be key to companies
seeking to develop opportunities to invest in the oil and gas potential of
Timor-Leste in the coming years.”
This project is fully supported by industry funding.
Note to editors
The Government of Timor-Leste launched its international licensing round for oil
and gas exploration in the country on 3 October, 2019, in the wake of the
ratification of a new maritime border treaty with Australia established on 30
August, 2019.
The Government approved the allocation of eighteen new blocks to petroleum
activities, seven of which are located onshore and eleven offshore, in the
exclusive zone of Timor-Leste. Public tendering procedures are being conducted
by the National Authority for Petroleum and Minerals (ANPM), the regulator for
country’s petroleum sector. A final date for the closing of the round was
expected to be October 09, 2020. However, due to the global pandemic, the
government has indicated its intention to further extended the closing to the
first half of the 2021 Further details are to be made public soon.
At the time of the license round launch, Timor-Leste’s Prime Minister, Taur
Matan Ruak, said: “This is a long-awaited licensing round, more than a decade
after Timor-Leste conducted its first Licensing round in 2005/2006, so I invite
you all to participate and join Timor-Leste in the construction of a brighter
future for its people.”
About TGS
TGS provides multi-client geoscience data to oil and gas Exploration and
Production companies worldwide. In addition to extensive global geophysical and
geological data libraries that include multi-client seismic data, magnetic and
gravity data, digital well logs, production data and directional surveys, TGS
also offers advanced processing and imaging services, interpretation products,
and data integration 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 (http://www.tgs.com/) or contact:
Fredrik Amundsen
Chief Financial Officer
investor@tgs.com (mailto:investor@tgs.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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