SOURCE: TGS

TGS

June 06, 2012 08:00 ET

TGS Announces Expansion of Multi-Client 3D Survey in the Faroe Shetland Basin

ASKER, NORWAY--(Marketwire - Jun 6, 2012) - TGS commences expansion of a 3D multi-client survey covering 2,000 km2 in the Faroe Shetland Basin spanning the UK Faroe median line. The acquisition is in partnership with PGS and is completion of the previously announced FSB11 survey.

The new seismic data is being acquired by the PGS Ramform Viking towing 12 X 6,000 m with 75 m separation and utilizes PGS' GeoStreamer® Technology. The new 3D data will play a critical role in the development of the Cambo and Tornado fields and provides new data coverage across exploration blocks applied for in the recent UK 27th License Round.

Data processing will be performed by both TGS and PGS and be available to clients in Q2 2013. The survey is supported by industry funding.

Company summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems. 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).

Contact Information

  • For additional information about this press release please contact:

    Kristian Johansen
    Chief Financial Officer
    Office: +47 66 76 99 00
    Cell: +47 47 60 33 34
    Email: Email Contact

    Karen El-Tawil
    VP, Business Development
    Office: +1 713 860 2102
    Email: Email Contact

    Stein Ove Isaksen
    Senior VP Eastern Hemisphere
    Office: +47 66 76 99 00
    Email: Email Contact