Norwegian firms PGS ASA and TGS have agreed to a joint venture for a 3D survey offshore Brazil covering an area roughly the size of Connecticut.
Norwegian firms PGS ASA and TGS have agreed to a joint venture for a 3D survey offshore Brazil covering an area roughly the size of Connecticut, the companies said Dec. 7.
PGS, in collaboration with TGS, has secured pre-funding for the Santos Sul MultiClient 3D project in the southwest Santos Basin.
The PGS/TGS collaboration combines the operational and technical strengths of both companies to provide high quality MultiClient data and timely delivery, which are critical to the exploration efforts in this area.
The survey will cover more than 15,000 sq km (about 5,790 sq mi) of both open acreage made available by the National Agency for Petroleum, Natural Gas and Biofuels (ANP) via the new permanent offer mechanism (POR). The survey will also include exploration blocks recently awarded in the 17th concession bid round and third cycle of the POR.
The Ramform Tethys will mobilize for the survey in January 2023 and acquisition is scheduled to complete in August 2023.
"We experience continued exploration interest offshore Brazil where the combination of the Ramform designed vessels and GeoStreamer technology is in strong demand,” said Rune Olav Pedersen, president and CEO of PGS.
“The Santos Sul MultiClient survey expands PGS and TGS 3D data coverage in Brazil and will provide high quality data essential for the exploration of these newly awarded blocks,” he continued. “The PGS/TGS collaboration in this portion of the Santos basin also provides coverage over a wider area available through the permanent offer licensing round.”
TGS CEO Kristian Johansen said the joint venture will further strengthen its 3D data library and its position in Brazil.
“The Santos Sul 3D project will be instrumental in providing invaluable data and actionable insights into new and emerging plays outside the Pre-Salt, allowing our clients to de-risk their exploration activities in the region for active and future licensing rounds,” Johansen said.
PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, and MultiClient projects with a duration of two months or more.
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