TGS and SLB Launch 13,500 Sq Km Seismic Survey in Brazil’s Pelotas Basin
Event summary
- TGS and SLB have initiated the Pelotas Sul Phase 1 multi-client 3D seismic survey covering 13,500 sq km in Brazil’s Pelotas Basin.
- Data acquisition began in December 2025 and is expected to conclude in early Q3 2026.
- The survey targets underexplored play concepts, including turbidite systems and deep-water channels.
- TGS expects Q2 2026 contract revenues from joint arrangements to align with Q1 2026 levels of USD 32.5 million.
The big picture
The Pelotas Basin is emerging as a frontier region with growing interest, supported by successful exploration results along its conjugate margin. This survey expands TGS’ seismic coverage in a strategically important area, aligning with broader industry trends toward deep-water exploration. The joint venture with SLB underscores the basin’s potential, though execution risks and market volatility remain key variables.
What we're watching
- Exploration Momentum
- Whether the Pelotas Basin will attract more licensing rounds following this survey.
- Revenue Stability
- How TGS sustains multi-client segment revenues amid volatile market conditions.
- Geopolitical Risks
- The impact of Brazil’s regulatory environment on future energy exploration projects.
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