In addition, Polarcus has permanently waived the revenue share rights associated with the multi-client library that TGS acquired in 2015. Polarcus has been eligible to 50% revenue share from the relevant datasets after accumulated revenues reached TGS’ minimum return requirements.
Kristian Johansen, CEO at TGS, stated: “The transaction further enhances TGS’ position in certain prospective basins in Australia where many of our customers are actively exploring. Over the past six years, TGS has taken advantage of its strong financial position to acquire several multi-client libraries and single assets that have formed the basis for further development of the relevant basins, creating significant value both for our customers and our shareholders.”
Read the latest issue of Oilfield Technology in full for free: Issue 2 2021
Oilfield Technology’s second issue of 2021 starts with a report from KPMG that examines the outlook for the Scottish oil and gas sector. The rest of the issue is dedicated to articles covering the offshore supply chain industry, offshore asset integrity, expandable liner technology, advances in drilling, data security, flow control, EOR and methane emissions.
Exclusive contributions come from Tata Steel, EM&I Group, 3X Engineering, Enventure Global Technology, Varel Energy Solutions, Adrilltech, Tendeka and more.
Read the article online at: https://www.oilfieldtechnology.com/exploration/24062021/tgs-acquires-seismic-surveys-covering-12-200-km2-offshore-australia/