TGS, in collaboration with partners PGS and SLB, secures prefunding for the seventh phase of its multi-year seismic project in the Sabah Basin, Malaysia. Covering over 5,000 kilometers, this initiative aims to enhance exploration opportunities in an under-explored petroleum system. CEO Kristian Johansen highlights the significance of high-quality seismic data for future bid rounds, emphasizing its role in assessing untapped potential within the region.
In a groundbreaking development, TGS, a global energy data and intelligence provider, has teamed up with JV consortium partners PGS and SLB to expand seismic data coverage in the Sabah Basin offshore Malaysia. The prefunding secured for the seventh phase of this multi-year project marks a pivotal moment in the exploration of this promising region.
The comprehensive project encompasses a vast area, including over 5,000 kilometers of new 2D seismic data acquisition, 2,600 kilometers of legacy seismic data processing, and 2,800 square kilometers of 2D-cubed processing. Originally initiated through a contract with PETRONAS in 2016, this endeavor represents a concerted effort to unlock the full potential of Sabah's offshore reserves.
Kristian Johansen, CEO at TGS, underlines the critical role of high-quality 2D seismic data in shaping the future of exploration. This data, acquired off the coast of Sabah, holds the key to promoting future bid rounds and allows exploration and production (E&P) companies to delve deeper into the untapped opportunities within this proven petroleum system.
Rune Olav Pedersen, President & CEO of PGS, expresses satisfaction at securing prefunding for the 2D Multi-Client project, emphasizing its significance in providing top-tier seismic data across Sabah. The mobilization of the Eagle Explorer vessel in November 2023 signifies the project's momentum, with completion of acquisition expected in February 2024. The swift availability of fast-track results during the 2024 Malaysia Bid Round further adds to the anticipation surrounding this seismic venture.
The Sabah Basin, surrounded by prolific hydrocarbon provinces, has long been an area of interest for the energy sector. The multi-year project's aim is not only to expand the data library but also to shed light on potential exploration opportunities in a region that remains under-explored despite its proven petroleum system.
Supported by industry funding, this initiative exemplifies the collaborative efforts of TGS, PGS, and SLB to advance scientific data and intelligence in the energy sector. The project's success is expected to contribute significantly to the broader understanding of Sabah's geological landscape, setting the stage for future advancements in energy exploration.
As TGS announces prefunding for its seismic project offshore Sabah, Malaysia, the energy sector anticipates a wealth of valuable data that could reshape the region's exploration landscape. The collaborative efforts of TGS, PGS, and SLB underscore the industry's commitment to unlocking the untapped potential of Sabah's offshore reserves. With high-quality seismic data at the forefront, this venture is poised to play a crucial role in future bid rounds and exploration endeavors, marking a significant stride in the ongoing quest for sustainable energy sources.