TGS and Chevron have signed a three-year capacity agreement for marine streamer and OBN acquisition services. The minimum firm commitment under the three-year term of the capacity agreement is 18 months of a combination of OBN and streamer acquisition services. The parties plan to collaborate on seismic acquisition projects utilizing TGS streamer and OBN crews for exploration and development projects. The CA will also deepen the relationship between Chevron and TGS and drive collaboration on technology development in a wide range of geophysical areas from survey design, acquisition technology, data collection, and data integration. The previously announced St Malo 4D OBN reservoir monitoring contract in the Gulf of America, will be included in this agreement and will kick start the collaboration immediately.
Kristian Johansen, CEO of TGS, commented, “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”.