Petroleum Geo-Services ASA: PGS and TGS Joint Venture MultiClient Project in the Barents Sea
May 29, 2018; Oslo, Norway, PGS will in late May 2018, start acquisition of a
large 3D GeoStreamer® survey in the Barents Sea in partnership with TGS. The
project will cover ~6,100 sq. km in an active APA area of the Hammerfest Basin
and is due to be completed in September 2018. Fast-track data will be available
in Q1 2019 with final data in Q4.
This project is designed to improve the imaging of the known fields and
discoveries, and allow identification and development of new targets in both
mature and new plays. The survey area contains shallow targets on the basin
flanks and platforms, with deeper exploration potential elsewhere in the basin.
The Hammerfest Basin dataset further expands PGS' MultiClient GeoStreamer
coverage in the Barents Sea, applying true broadband technology to reveal the
full potential of the area. The Hammerfest Basin is already producing
hydrocarbons and is highly relevant for further exploration in the current and
upcoming APA rounds.
The project configuration employs an intelligent towing scheme to maximize
resolution. Ramform Atlas will deploy an ultra-high-density 3D configuration
with a 16 x 56.25 m x 7000 m setup with a hyperbolic front end. Three of the
streamers are towed with 10 km offsets for optimized performance of full
waveform inversion (FWI). This is combined with a triple source.
The acquisition design is tailored to fully utilize the potential of an advanced
Pre-Stack Depth Migration (PSDM) and FWI processing workflow. Reliable
GeoStreamer data attributes also offer significant advantages for quantitative
inversion (QI).
"In addition to providing an excellent basis for exploration decisions, this new
Hammerfest dataset can be used as a baseline survey for future 4D comparisons,
making this a cost-effective solution for exploration, evaluation, field
development and production monitoring," said Rune O. Pedersen, President & CEO
of PGS.
This is PGS' tenth consecutive year of safe and reliable GeoStreamer acquisition
in Northern Europe.
Contact Us
To find out more about the Hammerfest Basin MultiClient project contact:
europe.info@pgs.com
For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 99 24 52 35
Company Summary
PGS (or "the Company") is a focused Marine geophysical company that provides a
broad range of seismic and reservoir services, including acquisition, imaging,
interpretation, and field evaluation. The Company MultiClient data library is
among the largest in the seismic industry, with modern 3D coverage in all
significant offshore hydrocarbon provinces of the world. The Company operates on
a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed
on the Oslo stock exchange (OSE: PGS). For more information on Petroleum Geo-
Services visit www.pgs.com.
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The information included herein contains certain forward-looking statements that
address activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future. These statements are
based on various assumptions made by the Company, which are beyond its control
and are subject to certain additional risks and uncertainties. The Company is
subject to a large number of risk factors including but not limited to the
demand for seismic services, the demand for data from our multi-client data
library, the attractiveness of our technology, unpredictable changes in
governmental regulations affecting our markets and extreme weather conditions.
For a further description of other relevant risk factors we refer to our Annual
Report for 2017. As a result of these and other risk factors, actual events and
our actual results may differ materially from those indicated in or implied by
such forward-looking statements. The reservation is also made that inaccuracies
or mistakes may occur in the information given above about current status of the
Company or its business. Any reliance on the information above is at the risk of
the reader, and PGS disclaims any and all liability in this respect.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.