TGS & Schlumberger Announce New 2D Multi-Client Project in Egypt

TGS-NOPEC Geophysical Company (TGS) and Schlumberger announced a new 2D seismic project offshore Egypt.

The project will comprise acquisition of a 10,000 km 2D long-offset broadband multi-client seismic survey. Advanced new acquisition and imaging techniques will provide better illumination of complex subsalt structures. The project will integrate all legacy seismic and non-seismic data. Acquisition will commence mid-December and is expected to complete in late Q1 2018.

This project is part of an agreement entered with South Valley Egyptian Petroleum Holding Company (GANOPE) in which Schlumberger and TGS have a minimum 15-year period of exclusive multi-client rights in a ~70,000 km2 open area offshore the Egyptian Red Sea.

"The unexplored offshore Egyptian Red Sea area is made up of large, untested structures and well-established hydrocarbon systems, which offer exceptional growth opportunities for oil companies. New imaging technologies are required to improve subsurface understanding and increase exploration success rates. The upcoming new multi-client 2D seismic acquisition program is the initial step in mitigating the complex salt imaging challenges of this unique opportunity," said Kristian Johansen, CEO, TGS.

Maurice Nessim, president, WesternGeco, Schlumberger, added: "Our comprehensive geological understanding, innovative seismic imaging techniques and full integration of non-seismic methods will define new exploration trends in these prospective basins. The Schlumberger unique play-to-prospect integrated subsurface evaluation capabilities will enable customers to develop new prospectivity insight and accelerate their exploration decisions in this structurally complex area. Our program will have significant impact on the exploration potential for the entire Red Sea (600,000 km2 across 5 countries). Our collaborative approach will help customers to identify high potential play segments, assess exploration risks and accelerate hydrocarbon maturation cycles."

GANOPE is responsible for managing the hydrocarbon resource potential at South Valley. This project is supported by industry funding.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects