TGS Secures $40 Million Pre-Commitment for First Wide Azimuth Program
TGS-NOPEC Geophysical Company has secured a new pre-commitment contract of approximately $40 million for the company’s first wide-azimuth ("WAZ") multi-client 3D survey. This contract represents the largest single pre-funding commitment ever captured by TGS and supplements significant previously announced pre-funding already in place. The initial program, referred to as "mcWAZ Phase 1" will cover approximately 650 OCS blocks (~15,000 square kilometers) in the Mississippi Canyon and Atwater Valley areas of the Gulf of Mexico.
Mississippi Canyon is a highly prolific hydrocarbon-producing province with many notable oil and gas fields such as Thunderhorse, Mars, Thunderhawk and Devil’s Tower. Survey acquisition is expected to commence around year-end 2007 and initial preliminary products are scheduled to be available in summer 2008. Final products will include both anisotropic Kirchhoff and anisotropic Wave Equation Pre-stack Depth Migration ("PSDM"). Additionally, TGS is re-processing its existing Mississippi Canyon Revival 3D data using Turning Wave Kirchhoff PSDM with anisotropy correction in order to create a refined salt model for initial input into the mcWAZ processing sequence. Over 250 wells are being utilized for the anisotropic calibration. TGS believes that the mcWAZ program is the world’s largest contiguous WAZ program as well as the world’s largest 3D survey with anisotropic well calibration.
"Over the last several months TGS has positioned itself to become a major player in multi-client wide-azimuth programs. The support we have generated for the mcWAZ program demonstrates the industry’s confidence in our capabilities", said Hank Hamilton, TGS CEO.
TGS expects to secure additional commitments to the project prior to the end of the year.
- TGS Expects E&P Spend to Dip by up to 10% in 2017 (Oct 28)
- Schlumberger, TGS Begin 300-Block Gulf of Mexico Data Acquisition Program (Aug 04)
- PGS: Improving Sentiment in Offshore Seismic Market (Jul 21)