INDUSTRY NEWS
TGS launches processing project offshore India
The project covers the country’s east coast.
TGS has launched an extensive West Coast India seismic processing project that complements the India East Coast 2Dcubed project from 2022. The project encompasses all available 2D seismic data across three-quarters of a million square kilometres offshore India’s west coast. TGS will utilise its proprietary 2Dcubed technology to create a single, conformable pseudo-3D dataset. Will Ashby, executive vice-president for the Eastern Hemisphere at TGS, said: ‘India is now the most populous country in the world; along with its fast-paced economic growth, energy consumption is expected to grow by around 3% per annum through to 2040. Increasing India’s exploration and production footprint is critical to the country’s energy security strategy. TGS’ investment in data offshore India will ultimately help to increase access to reliable and affordable energy.’ The dataset will provide coverage offshore Kutch Saurashtra, Mumbai, Kerala-Konkan Basins, and the Gulf of Mannar. TGS’ Data will allow local and international companies to develop structural and geological models in their
ModelVision
pre-study evaluation process using one conformable 3D volume, said the company. 2Dcubed is a technology from TGS for generating a 3D seismic migration volume from a set of 2D and 3D seismic lines. An advanced structurally conformable interpolation algorithm revitalises existing 2D multi-vintage and 3D data. The resultant volume can be used for regional interpretation and optimising subsequent 3D and 2D survey designs. TGS has completed similar scale projects offshore East Coast India and other areas in Asia Pacific, including Indonesia, Timor-Leste, and Australia. The same technology has been applied throughout the Norwegian and UK North Seas. The project is scheduled to complete by Q3 2024, with first data by Q1 2024. Meanwhile, TGS expects IFRS revenues for Q2 2023 of $206 million, compared to $230 million in Q2 2022. POC revenues are expected to be $241 million, up from $136 million in Q2 2022. POC multi-client revenues are estimated at $129 million, the same as in Q2 2022, with late sales of approx. $63 million, compared to $97 million in the same quarter of last year, which included significant M&A-related transfer fees. For the Acquisition business unit (formerly Magseis) gross revenues are expected to be $116 million in Q2 2023, up from $103 million in Q2 2022. Kristian Johansen, TGS CEO, said: ‘E&P companies have focused their exploration spending on non-discretionary categories in the first half of the year, prioritising drilling, infrastructure-led exploration and 4D, as well as fulfilling work commitments. TGS has been well positioned to benefit from this through our ocean bottom node business, which is showing solid revenue growth and good operational performance. Furthermore, we continue to see strong prefunding for new multi-client projects, which makes us confident that full-year multi-client investments will be well above $350 million, with an early sales rate in excess of 70%. Our late sales were up 37% sequentially and were also significantly higher than in Q2 2022 when adjusting for transfer fees.’ FIRST
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