TGS in new Brazil seismic projects as Argentina 3D shoot kicks off

Norwegian seismic player TGS has kicked off the Malvinas 3D project in Argentina and scored two surveys offshore Brazil.

The Malvinas survey was first announced to the market on 4 August this year.

The BGP vessel Prospector will acquire approximately 5,000 square kilometres, which will bring the total coverage in the area to 18,000 square kilometers.

The Argentina survey should wrap up in Q1 2021.

In addition, the company announced two new projects offshore Brazil.

To that end, TGS will mobilise the COSL vessel HYSY720 for the Espirito Santo 3D survey by year-end.

This is a Dual Azimuth (DAZ) survey covering a 1,400 square kilometers area in the Espirito Santo Basin.

The vessel is currently in transit to Brazil, with acquisition expected to complete by the end of Q1 2021.

The survey takes place in partnership with COSL.

Furthermore, TGS plans to commence a 7,000-kilometre 2D survey in the Pelotas Basin during Q1 2021.

The Pelotas 2D program will have depth imaged products available in early Q3 2021. The new data set will also have TGS 2D data coverage in the area and allow for better prospect mapping.

The survey is in partnership with BGP, using its vessel Pioneer.

Kristian Johansen, CEO at TGS, said: “We are pleased to announce three new projects and strong visibility for our Q1 2021 multi-client investments. Latin America is one of our key focus areas and despite the challenging market conditions, our clients are continuing to support our projects in this region. Strong, long-term partnerships with our suppliers allow us to share risk and reduce cash investments, which provides a unique opportunity to continue our counter-cyclical investment philosophy.”