Following the highly successful Amendment Phase 1 project acquired in Mississippi Canyon in 2019, TGS, in partnership with Schlumberger, on March 9 revealed the second phase of their ultra-long offset node project in U.S. Gulf of Mexico (GoM).
The next phase will extend the footprint of ultra-long offset data to the Northern Green Canyon protraction area and will be called “Engagement”. This area is characterized by complex geology and multiple salt bodies, driving industry towards a new approach to illuminate the subsurface structures. The combination of ocean bottom node data, used to record ultra-long offsets and full waveform inversion, is expected to deliver a significant uplift to the velocity model which in turn will be used to amend the existing WAZ and coil data in the area.
Acquisition of the project is expected to commence in April 2020 with final data available in 2021. The Amendment and Engagement projects represent a new generation of survey design, with significant areas in GoM and elsewhere that will benefit.
“Green Canyon continues to experience high levels of E&P leasing activity and is a priority area for deep water exploration activity. This survey will be a critical tool to support our customers’ plans in this region. Once complete it will be the largest ultra-long offset node project in the world.” Kristian Johansen, CEO at TGS, said.
This project is supported by industry funding.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
Lately, M&A is a mess. Oil and gas market dysfunction swirls as buyers hunt for PDP assets with discounts of PV-20 or higher on their minds.
Saudi Aramco CEO Amin Nasser says his company is looking to acquire natural gas assets in the U.S. and is willing to spend "billions of dollars" there as it aims to become a global gas player.