ASKER, NORWAY--(Marketwired - Apr 30, 2014) - TGS announces a 2D seismic reprocessing project in the Barents Sea Southeast in preparation for the Norwegian 23rd licensing round. The underlying data, acquired in 2011 and 2012, is owned by the Norwegian Petroleum Directorate (NPD) and covers an area of more than 18,000 km. TGS has been applying the latest Clari-Fi™ Totus processing solution to deliver seamless, fully de-ghosted broadband data. The data will be available to holders of the original NPD data in Q3 2014.
"We are pleased to see continued strong demand from our customers for TGS' broadband processing solutions. The Barents Sea Southeast has been nominated for inclusion in the upcoming 23rd licensing round and access to high quality 2D seismic data will be an important tool for oil companies interested in this area," stated Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.
This project is supported by industry funding.
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, permanent reservoir monitoring and data integration solutions.
For more information visit TGS online at www.tgs.com.
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".