With pre-funding in the bag, PGS, TGS and SLB embarking on third phase of multi-client job off Malaysia

Oslo-headquartered seismic company PGS, together with JV consortium partners TGS and SLB, has secured pre-funding to expand the multi-client 3D coverage in the Sarawak Basin, offshore Malaysia, which supports the rising interest in oil and gas exploration within this region.

Ramform Sovereign seismic vessel; Source: PGS

This survey is the third phase of a multi-year contract awarded by Petronas in August 2020 to acquire and process up to 105,000 square kilometres of multi-client 3D seismic data over a five-year period in the Sarawak Basin. The first phase of the Sarawak multi-client 3D project encompassed 8,400 square kilometres, succeeded by an additional 6,800 square kilometres during Phase 2.

Furthermore, Petronas, through Malaysia Petroleum Management (MPM), is actively enhancing its data sets that will introduce new plays to be explored, especially in imaging the pre-Middle Miocene Unconformity (MMU) play in the deepwater area of Sarawak Basin. This enhancement will enable an effective assessment of the potential opportunities for exploration and participation in the Malaysia Bid Round.

Rune Olav Pedersen, PGS’ President & CEO, commented: “Exploration interest in the Sarawak Basin is strong and I am very pleased that we have secured pre-funding for phase three, with mobilisation commencing back-to-back with completion of phase two. The Sarawak Basin comprises a proven petroleum system with many producing fields.

“By acquiring MultiClient data with our Ramform vessels and GeoStreamer technology, PGS and partners will provide high-quality regional scale seismic data that will improve regional understanding of the petroleum systems.”

The 2008-built Ramform Sovereign seismic acquisition vessel is scheduled to complete Phase 2 in August, with final deliverables available in 2Q 2024. This vessel is expected to mobilise in late August 2023 for Phase 3, covering approximately 5,300 square kilometers with acquisition completion anticipated in late November 2023.

Kristian Johansen, TGS CEO, remarked: “Sarawak basins are one of Southeast Asia’s most exciting exploration hotspots, with numerous oil and gas discoveries announced in recent months. TGS is pleased to announce Phase 3 of the Sarawak multi-client programme, which will support the growing exploration interest of energy companies in this region.

“Malaysia continues to form a key part of our multi-client data library, and together with our partners, we look forward to delivering high-quality seismic data across the Sarawak basins.”

PGS has won several new deals over the past few months. Recently, the firm landed a new assignment for one of its seismic acquisition vessels offshore Africa with an undisclosed firm. In addition, the start of operations in Brazil for another one of its ships has been delayed.

Prior to this, the firm got a new deal at the start of June 2023 with an undisclosed company. It entails a 3D exploration acquisition contract in the Mediterranean.