ASKER, NORWAY--(Marketwire - May 5, 2010) - TGS announced today that it has launched a 2,600 square kilometer 3D pre-stack depth migration (PSDM) project over the Hoop Fault Complex, offshore Norway in the Barents Sea. This will be the first multi-client project of its kind in the European region. The project will be managed by the TGS processing center in Bedford, United Kingdom. Original data was acquired by the M/V Geo Barents and M/V Geo Pacific during the summer of 2009.
Interpretation work previously done by TGS suggests there could be favorable conditions for the occurrence of hydrocarbons in the project area. "PSDM processing on this project will enhance the imaging of geology adjacent to and below shallow faulting, solving one of the main geological challenges in the area," said Kjell Trommestad, VP and General Director of Europe/Russia for TGS.
Final data will be available for the industry well before the application deadline for the 21st licensing round in Norway. This project is supported by industry funding.
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at www.tgsnopec.com.
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 principal 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 (
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