SOURCE: TGS

TGS

October 09, 2014 10:19 ET

TGS Announces Declaration, a New Multi-WAZ 3D Project in the U.S. Gulf of Mexico

ASKER, NORWAY--(Marketwired - Oct 9, 2014) -  TGS announces the expansion of its Constitution group of WAZ 3D projects with the commencement of the Declaration survey. 

Declaration will cover 6,061 km2 (260 OCS blocks) in the Mississippi Canyon and Viosca Knoll protraction areas of the Central Gulf of Mexico and will be acquired orthogonal to TGS' underlying Justice WAZ 3D survey. With offsets to 16 km, this data will be acquired by CGG with a single pass vessel configuration derived from its StagSeis technology to better image deep structural elements and to improve subsalt and salt flank illumination, which will establish new data standards in the region.

Data will be processed as a stand-alone volume and will also be integrated with TGS' existing Justice data to provide orthogonal wide-azimuth (M-WAZ) coverage over the area. In keeping with TGS' mandate to provide technical leadership through its data offerings, the data will be processed using the latest TGS imaging technology including Clari-Fi and Orthorhombic migrations. 

Rod Starr, SVP Western Hemisphere for TGS, commented that, "Commencement of this survey marks a milestone in new, long offset data acquisition for TGS and represents the first data acquired orthogonal to and covering the Cretaceous shelf region. The M-WAZ data will provide significant insight into potential eastern sediment sources for reservoir grade sands and will aid the industry in preparation for significant upcoming Central Gulf of Mexico lease turnover."

Acquisition will commence in October 2014 utilizing five vessels from the CGG fleet. Preliminary data will be available to the industry at the beginning of 2015 ahead of OCS Lease Sale 235.

This project is supported by industry.

To view TGS' updated vessel and crew capacity schedule, please click here.

Company summary 

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".

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Tel: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Investor Relations and M&A
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com

    Rod Starr
    Senior VP Western Hemisphere
    Tel: +1 713 860 2100
    Email: Rod.Starr@tgs.com