SOURCE: TGS-NOPEC Geophysical Company

TGS-NOPEC Geophysical Company

December 12, 2011 08:00 ET

TGS Commences Multi-Client 3D Wide Azimuth Survey in Gulf of Mexico

HOUSTON, TX--(Marketwire - Dec 12, 2011) - TGS has commenced acquisition of a 3D multi-client wide azimuth (WAZ) survey covering 11,655 km2 in the Gulf of Mexico in partnership with WesternGeco.

The survey, Patriot WAZ 3D, will be the first orthogonal WAZ survey covering a large portion of the existing Freedom WAZ data set. Following the acquisition of Patriot WAZ the data will be combined with Freedom WAZ and the resulting image will provide the industry with an additional level of subsurface clarity. Upon completion of Patriot, the TGS portfolio of WAZ coverage will exceed 39,000 km2.

"TGS is excited to resume our multi-client activity in the Gulf of Mexico and to provide the industry with modern seismic imaging in the most prolific and productive oil producing area of the deep water Gulf of Mexico. We have been active in this region of the Gulf of Mexico since 1998 and believe this data set will aid oil companies in their exploration and production needs for the area," commented Stein Ove Isaksen, Senior VP North & South America for TGS.

The new seismic data is being acquired by a four vessel WAZ fleet. The data will be processed by TGS and preliminary products will be available to participating companies in 2013 with a final processed product expected by Q1 2014.

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.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

    Stein Ove Isaksen
    Senior VP North & South America
    Office: +1 713 860 2111
    Email: Email Contact