HOUSTON, TX--(Marketwired - Feb 15, 2017) - TGS, the leading provider of global geoscientific data products and services, today announces the immediate availability of the E&P industry's most comprehensive well database in the Permian Basin.
"As Operators continue to flood into the Permian Basin, the substantial completion of the TGS Permian Basin database could not have been timed better," commented Kristian Johansen, CEO for TGS. "This information will allow operators to better assess the positions available in the basin, prepare for A&D activity, and ensure the safe, reliable, and optimal production of their acreage positions. These data sets have undergone rigorous and thorough processing by a dedicated team of professionals to ensure the most complete and broad database available in the industry. By first validating the well header information itself, identifying all boreholes for each well, and ensuring all data is tied to the right borehole in the right positon, operators can rest assured that they have access to the most accurate commercial information available for their Permian investment."
TGS has created the most complete commercially available database of products in the Permian Basin with over 430,000 wells including thousands of previously unidentified wellbores. TGS now has validated well header data for 357,000 wellbores, raster logs for all wells, digital LAS for over 280,000 wellbores, and production volumes for all producing wells in the basin. The company also offers forecasted estimated ultimate recoveries (EURs) for each producing well in the basin as well as interpreted formation tops and basin temperature models covering the entire basin.
The Permian database is available immediately through TGS' R360 and LOG-LINE Plus!® web portals with basin-wide data packages covering the Midland, Delaware, or Central Platform regions, or over the entire Permian Basin. All data products come with 100% coverage of the wellbore system from surface to TD, have been quality controlled for completeness, and ensure all attributes such as depth, direction, height, and elevation meet the most stringent guidelines for accuracy.
The Permian Basin well data and interpretive products complement new and planned TGS 3D seismic surveys in the basin and puts TGS in the unique position to offer clients a comprehensive, high quality database to evaluate the most prolific basin in the US.
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principle customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".
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