In Partnership With Chinese Oilfield Services Company COSL, TGS Announces Two Offshore Projects in Brazil Set for Early 2021

In Partnership With The Chinese Oilfield Services Company COSL, TGS Will Mobilize Offshore Projects Starting With The Vessel COSL HYSY720 To Begin The Acquisition Of 3D Research Espírito Santo By The End Of The Year

The seismic specialist TGS has initiated the Malvinas 3D program in Argentina and is now expanding two new offshore oil projects in Brazil with China. The Prospector vessel from BGP will acquire approximately 5,000 square kilometers, raising the total area coverage to 18,000 square kilometers. The survey is supported by industry funding and is expected to be completed in the first quarter of 2021.

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The Company Announces Two New Projects in the Offshore Oil Industry in Brazil in Partnership With China

TGS will mobilize the vessel of the Chinese offshore oil services company COSL HYSY720 to begin the acquisition of 3D research Espírito Santo by the end of the year. This is a Dual Azimuth (DAZ) survey covering an area of 1,400 square kilometers in the Espírito Santo Basin.

The vessel from the Chinese oilfield services company is currently en route to Brazil, and the acquisition is expected to be completed by the end of the first quarter of 2021. The survey is supported by industry funding and conducted in partnership with the Chinese oilfield services company COSL.

Additionally, TGS plans to initiate a 2D offshore survey of 7,000 km in the Pelotas Basin during the first quarter of 2021. The Pelotas 2D program will have depth imaging products available by the beginning of the third quarter of 2021, in time for the 17th licensing round in Brazil. The new dataset will complement the existing TGS 2D data coverage in the area and allow for better prospect mapping. The survey will be acquired in partnership with BGP through its vessel Pioneer.

Together With The Chinese Offshore Oil Company BGP, TGS Plans To Start A 7,000 Km 2D Survey In The Pelotas Basin During The First Quarter Of 2021

Kristian Johansen, CEO of TGS, commented: “Latin America is one of our main areas of focus and, despite the challenging market conditions, our clients continue to support our projects in this region. Strong and long-term partnerships with our suppliers allow us to share risks and reduce cash investments, which provides a unique opportunity to continue our countercyclical investment philosophy.”