Presented by:
Editor's note: This article originally appeared in the April issue of E&P Plus.
Subscribe to the digital publication here.
Despite the exploration market in upstream oil and gas experiencing what TGS CEO Kristian Johansen has described as a “deep cyclical trough,” exploration companies, like so many others in the oilfield services (OFS) sector, are learning to adapt. In many cases, such as for TGS, adaptability includes diversification into avenues of the energy transition and increased focus on ESG.
TGS, self-described as an energy data and intelligence company, launched its New Energy Solutions (NES) business unit in February. The new component of the company aims to provide data-driven applications and solutions for wind energy, carbon storage, geothermal and deepsea minerals.
“Over the past few years, we have seen an increasing interest for our data and insights from other industries besides the oil and gas industry,” Johansen said. “By establishing our NES business unit, we are preparing our non-oil and gas offering for future growth.”
Johansen recently sat down for an exclusive interview with E&P Plus where he further discussed NES and how data management can play a role in the energy transition. He also discussed offshore development trends and how the OFS sector can thrive in a new environment with depressed demand and limited new development.
Recommended Reading
Passage of Debt Bill Clears Way for MVP, Swifter Permitting for Infrastructure
2023-06-02 - The MVP natural gas pipeline and a swifter permitting process win as debt ceiling legislation weathers resistance from senators.
Gen. Clark: Oil, Gas Industry Key to US Winning ‘Next Battle’
2023-06-02 - “Oil and gas production is U.S. national security–it’s that simple,” retired four-star Gen. Wesley Clark said during Hart Energy’s SUPER DUG conference.
Kinder Morgan to Add Storage Capacity on Texas System
2023-06-01 - Kinder Morgan’s expansion, for which it is soliciting interested shippers, will increase working storage capacity by more than 6 Bcf, the company said.
Unit Board Declares Quarterly Dividend
2023-06-01 - The $2.50 per share dividend will be payable on June 26.
Exxon, Chevron Shareholders Shoot Down ESG Proposals
2023-06-01 - Investors voted overwhelmingly against resolutions put forward by climate and ESG activists during the Exxon and Chevron annual stockholder meetings this week.