Seismic surveyor TGS’ CEO Kristian Johansen expects the exploration and production spend of oil companies to drop by up to 10 percent next year.
Johansen believes that offshore spending is likely to be more down than onshore spending, but, despite this, the CEO still sees some early signs of improvement.
TGS also announced Friday the expansion of its North West African Atlantic Margin multi-client library in the MSGBC Basin with plans to acquire more than 7,145 miles of long-offset broadband 2D seismic data, as well as magnetic and gravity data, in the Republic of Guinea, Guinea Bissau and the AGC joint exploration zone between Guinea Bissau and Senegal.
This investment is being undertaken together with PGS and in cooperation with GeoPartners. Acquisition of this first phase of the NWAAM expansion will commence in November 2016.
Reuters contributed to this article
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