Offshore staff
ASKER, Norway – TGS has provided an update on its offshore exploration programs in its latest results statement.
Late last year the company and joint venture partner TGS-PetroData completed a geochemical coring project over an 82,000-sq km (31,660-sq mi) area offshore Nigeria.
The program incorporates 17 seabed heat flow measurements and 272 seabed cores, with locations based on multi-beam and backscatter anomalies. Final reports should be ready for industry review in 2Q following completion of geochemistry analysis.
Offshore Argentina, acquisition should conclude during the current quarter of the remaining 5,000-sq km (1,930-sq mi) Malvinas 3D survey, which will lift total coverage in the area to around 18,000 sq km (6,949 sq mi). Final processed data should be delivered around year-end.
As for the executive order by the new US administration to pause new oil and natural gas leases on public lands or in offshore waters, TGS noted that over the past two to three years, there has been a gradual shift from frontier to infrastructure-led exploration in the US Gulf of Mexico.
The company’s recent ocean bottom node projects have targeted primarily at acreage already held rather than at future licensing rounds. So, should permitting and leasing practices end up permanently suspended, most of TGS’ revenues in the US should not be negatively impacted.
In response to the energy transition the company sees opportunities to apply its subsurface knowledge and libraries to carbon capture, utilization and storage and offshore mineral exploration, and the renewables energy industries.
It has initiated various partnerships with established industry players in this regard.
02/11/2021
