SOURCE: TGS

TGS

March 29, 2011 08:00 ET

TGS Announces Major Offshore Faroe 2D Reprocessing

ASKER, NORWAY--(Marketwire - March 29, 2011) - TGS announces that it will conduct extensive reprocessing of over 13,550 km of 2D multi-client seismic data located in waters off the Faroe Islands. This project, designated Offshore Faroe Reprocessing 2011, will extend to the UK/Faroe border. 

The data for the reprocessing has been made available by Faroese Earth and Energy Directorate (Jardfeingi). TGS will apply advanced processing techniques proven to have been successful in illuminating sub-basalt plays in the West of Shetland region over the last two years.

Data from the project will be available for clients in Q3 2011. This project is supported by industry funding.

Company summary 
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise. Visit TGS online at www.tgsnopec.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: +47 667 69931
    Cell: +47 47 60 33 34
    Email: Email Contact

    Karen El-Tawil
    VP, Business Development
    Office: +1 713 860 2102
    Cell: +1 713 806 2420
    Email: Email Contact

    Kjell E. Trommestad
    Senior VP & General Director Europe
    Tel: +47 66 76 99 61
    Email: Email Contact