TGS Purchases Directional Survey Business
TGS announced hat its Geological Products division purchased the directional survey business of P2 Energy Solutions' Tobin business line. The agreement includes the purchase of P2's existing database of over 38,000 high quality directional surveys and incorporates ongoing client initiated programs in several key regions. Directional surveys are a summary of geometric information that provides a detailed 3D view of a well's path in the subsurface.
As part of the directional survey transaction, TGS and P2 signed a separate agreement to share certain well header information in the US. Well headers contain basic metadata including, but not limited to, a well's general location, name, and depth.
John Adamick, Senior Vice President of the TGS Geologic Products division said, "We are very happy to conclude this transaction. P2's Tobin Map Data is well known for its high quality directional survey processing and they bring a wealth of expertise to help TGS grow this division of the business. The transaction provides TGS with a large number of surveys that can be sold immediately through our LOG-Line Plus! e-commerce site. These directional surveys are a natural companion to our industry-leading digital well log database. Additionally, the well header sharing arrangement allows TGS to maintain our long-standing relationship with P2 and for standardization of basic well information between the companies."
"The transfer of the directional well survey business will allow us to invest more in our industry leading surface data products," stated Bret Bolin, Chief Executive Officer of P2 Energy Solutions. "Our 3,000 Tobin data customers will have access to new geographic regions, expanded data in existing regions and technological enhancements to our core offerings. In addition, they will also benefit from the agreement between P2 Energy Solutions and TGS to share well header information in the US."
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