SOURCE: TGS-NOPEC Geophysical Company

TGS-NOPEC Geophysical Company

October 26, 2009 08:00 ET

TGS Announces a Third Wide Azimuth 3D Project

ASKER, NORWAY--(Marketwire - October 26, 2009) - TGS-NOPEC Geophysical Company (TGS) announced today their third Wide Azimuth (WAZ) 3D survey in the Constitution series of projects in the Gulf of Mexico.

This newest survey, Justice, adds more than 7,800 square kilometers of WAZ coverage to the TGS portfolio. The project is a northeast expansion of the existing and contiguous Freedom and Liberty projects. Justice will cover portions of the hydrocarbon rich areas of Mississippi Canyon, Viosca Knoll, and De Soto Canyon.

TGS has contracted WesternGeco to perform the seismic acquisition for this survey and the project is planned to commence late in December 2009. Acquisition of the data will incorporate two streamer vessels and two source vessels with a total of 20 streamers and 4 sources deployed and synchronized on the project. TGS will perform all data processing on the Justice survey and the final deliverables will include a wide range of depth-imaged products.

Contrary to the Freedom and Liberty projects which were done under a cooperation agreement with WesternGeco, TGS will be the sole owner of the Justice survey.

"The clients' support of our existing Wide Azimuth programs and their willingness to pre-fund the adjacent areas has allowed us to again expand these efforts," commented Stein Ove Isaksen, VP of North and South America for TGS. "We look forward to the challenge of imaging this geologically complex and important producing region of the Gulf."

Upon completion of Justice, TGS will have more than 27,000 square kilometers of WAZ 3D available for licensing covering the most productive oil producing area of the deepwater Gulf of Mexico.

The Justice WAZ 3D project is being completed with customer funding.

TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its Annual Report. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).

Visit TGS-NOPEC Geophysical Company online at www.tgsnopec.com

Contact Information

  • Karen El-Tawil
    VP Business Development
    Tel: +1 713 860 2102
    Email: Email Contact

    Stein Ove Isaksen
    VP North and South America
    Tel: +1 713-860-2100
    Email: Email Contact

    Arne Helland
    CFO
    Tel: +47 91 88 78 29/+47 66 76 99 31
    Email: Email Contact