SOURCE: TGS

TGS

September 10, 2012 01:50 ET

TGS Commences New Multi-Client 2D Survey Offshore Newfoundland

HOUSTON, TX--(Marketwire - Sep 10, 2012) - TGS in partnership with PGS have commenced a new 20,000 km multi-client 2D survey over the Northeast Newfoundland Shelf.

The seismic data is being acquired by the M/V Sanco Spirit and utilizes PGS GeoStreamer® technology. Data acquisition will continue into early Q4 2012 and the vessel will return in 2013 to complete the survey. The survey area covers oil discoveries including Hibernia, Terra Nova, Hebron, White Rose and the recent Mizzen discovery. 

"It is important for TGS to continue adding data coverage in an area where there is little modern multi-client seismic data available to the market. Northeast Canada remains one of the most promising deepwater exploration arenas in the world and we are excited to be in a leading position," commented Rod Starr, Senior VP Western Hemisphere for TGS. 

Initial data will be available to clients during Q1 2013. The survey is supported by industry funding.

Company summary 
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).

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

    Rod Starr
    Senior VP Western Hemisphere
    Office: +1 713 860 2100
    Email: Email Contact