Seismic Cos Secure Survey Pre-Funding
TGS, PGS (OSE: PGS), and WesternGeco, the exploration data business line of Schlumberger, have secured pre-funding for a 2,471 square mile multi-client 3D survey in the Sarawak basin, offshore Malaysia.
The survey, which is scheduled to commence in October, is the first phase of a multi year contract awarded by Petronas in 2020, through competitive bidding, to acquire and process up to 40,540 square miles of multi-client 3D data over a five year period in the Sarawak basin.
The first phase of the survey will be acquired by PGS’ Ramform Sovereign using multi sensor GeoStreamer technology and is expected to take approximately four months. The survey area covers acreage included in the Malaysia Bid Round 2021 and fast track results will be delivered in time for block evaluation, the seismic companies highlighted.
“Through working closely with our clients and consortium partners, we were able to develop this important project which builds upon recent exploration success in the area,” Will Ashby, the executive vice president of the eastern hemisphere at TGS, said in a company statement.
“This project will support the upcoming bid round offshore Sarawak and will spearhead the next wave of exploration in this region,” he added in the statement.
Nathan Oliver, the executive vice president of sales and services at PGS, said, “we are very pleased to commence the first phase of multiclient acquisition in the Sarawak basin”.
“By combining the Ramform vessel and our multi-sensor GeoStreamer technology, the energy industry will get access to high quality seismic data to explore this prolific hydrocarbon basin,” he added.
TGS provides scientific data and intelligence to companies active in the energy sector, its website notes. PGS describes itself as an integrated marine geophysical company that provides a broad range of seismic and reservoir services.
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