Strategic Partnership between TGS and Chevron
TGS and Chevron have entered into a significant three-year capacity agreement aimed at enhancing marine streamer and OBN acquisition services. This partnership marks a pivotal moment in the ongoing evolution of the global marine seismic market, showcasing both companies' commitment to innovative energy exploration.
Details of the Capacity Agreement
Under this agreement, Chevron will benefit from a minimum commitment of 18 months of both streamer and OBN acquisition services. This collaboration is poised to focus on a variety of seismic acquisition projects, utilizing TGS's specialized capabilities in both marine streamer and OBN methodologies. The agreement also highlights the intention to deepen the relationship between TGS and Chevron, with collaborative efforts extending into technology development across numerous geophysical disciplines. This includes survey design, acquisition methodologies, data collection, and integration.
Immediate Project Integration
A key element of this agreement is the integration of the previously announced St Malo 4D OBN reservoir monitoring contract, which will initiate collaboration without delay. This integration is set to enhance the operational efficiencies and capabilities of both companies in real-time monitoring and data analysis.
CEO's Vision for the Future
Kristian Johansen, the CEO of TGS, expressed enthusiasm about this collaboration, stating, "We are thrilled to announce a major milestone in our commitment to evolving the global marine seismic market: the signing of the global Capacity Agreement (CA). Chevron, a true industry explorer and long-term client, is ideal for this strategic collaboration. This agreement not only provides crucial utilization and visibility for both parties but also creates an opportunity for collaboration across our wider service portfolio. Our shared focus on new frontier areas makes us highly complementary, and we are excited to immediately begin supporting Chevron’s global exploration and reservoir management strategies." His comments underscore the mutual benefits that are anticipated from this strategic alliance.
About TGS and Its Innovations
TGS is renowned for delivering advanced data and intelligence tailored for companies within the energy sector. Leveraging cutting-edge technology across the entire energy value chain, TGS offers a broad spectrum of insights designed to aid clients in making informed decisions. The company’s extensive energy data library and diverse product offerings position TGS as a trusted partner in the exploration and production of energy resources globally.
Contact Information
For additional information, individuals can reach out directly to:
Bård Stenberg
VP IR & Business Intelligence
Mobile: +47 992 45 235
investor@tgs.com
Frequently Asked Questions
What is the main purpose of the TGS and Chevron agreement?
The agreement aims to enhance marine seismic acquisition services through a combination of OBN and streamer acquisition methods.
How long is the agreement between TGS and Chevron?
The capacity agreement is set for a duration of three years, with a minimum commitment of 18 months.
What projects will the collaboration include?
The collaboration will include the St Malo 4D OBN reservoir monitoring contract among other seismic acquisition projects.
Who is the CEO of TGS?
Kristian Johansen is the CEO of TGS, and he highlighted the strategic significance of this partnership.
How can I get more information about TGS?
For further information, you can visit TGS's official website or contact Bård Stenberg, the VP of IR & Business Intelligence.
