SOURCE: TGS

TGS

September 18, 2015 08:58 ET

TGS and APPA Announce Africa Stratigraphic Harmonization Project

ASKER, NORWAY--(Marketwired - Sep 18, 2015) - TGS and the African Petroleum Producers' Association (APPA) have signed a Letter of Intent to harmonize the stratigraphic nomenclature of the sedimentary basins of 13 countries in Africa. The results of the project will provide a standard and consistent framework for future exploration of these basins, contributing to a reduction of the exploration risks and an improvement of productivity.

The project will utilize TGS' core skills in sequence stratigraphy and seismic interpretation to create new stratigraphic columns for each basin and country. The project will extend the interpretation to include gross depositional environment mapping, seismic facies analysis and play fairway analysis over time. The project will incorporate data from over 1,300 wells and 200,000 km of 2D seismic. The results will be primarily delivered using TGS' proprietary Facies Map Browser application which is compatible with equivalent software.

This study will make an important contribution to the knowledge of African sedimentary basins and to the future improvement of petroleum codes of APPA Member Countries. The countries concerned cover a vast zone which extends from the Republic of Cote d'Ivoire to Angola, and represent an area of huge petroleum resource with significant remaining potential. Each of the 13 countries involved is committed to using the new stratigraphic nomenclature in all future exploration work. It is anticipated that the new nomenclature will be complete by end 2018 with the additional studies completed thereafter. 

"TGS is delighted to be working with APPA to deliver this critical project to support the exploration of hydrocarbons in Africa," commented John Adamick, Senior Vice President of TGS Geological Products and Services. "TGS is uniquely positioned to deliver this project through our experience in Africa together with our interpretation skills and methodologies developed elsewhere in the world."

The project is anticipated to start in January 2016, pending additional industry support.

Learn more about the project here.

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide. In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

The African Petroleum Producers' Association (APPA) is an intergovernmental organisation created in 1987 in Lagos, Nigeria, to serve as a platform for African petroleum producing countries to cooperate, collaborate, share knowledge and competences.

It aims to promote common policy initiatives and projects in all facets of the petroleum industry with a view to maximising the developmental and welfare benefits accruable from petroleum exploitation activities in the Member Countries in particular and in Africa in general.

For more information visit www.appa.int

Forward-looking statements and contact information
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 (OSLO: TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

Contact Information

  • For additional information about this press release please contact:

    Sven Borre Larsen
    Chief Financial Officer
    Cell: +47 90 94 36 73
    Email: sven.larsen@tgs.com

    Will Ashby
    Director Finance Western Hemisphere & Investor Relations
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com