SOURCE: TGS

TGS

November 11, 2014 17:45 ET

TGS Enters Into an Agreement for the Formation of a Nigerian Joint Venture

ASKER, NORWAY--(Marketwired - Nov 11, 2014) - TGS has entered into an agreement with PetroData Management Services for the formation of TGS-PetroData Offshore Services Limited, a joint venture entity, to provide high quality geoscience data products and services to the petroleum industry in Nigeria. PetroData Management Services is a leading local provider of seismic data storage and document management solutions.

The new entity will provide E&P operators in Nigeria with high quality geoscience products and services including seismic data and processing services, digital wellbore data, and geological and geophysical interpretation studies and services. 

"TGS has an established track record in providing high quality data in the right places at the right time to assist with licensing rounds and the preparation of regional data programs. Nigeria is one of the most prominent oil provinces in Africa with significant future exploration potential. This is the ideal time to deepen our commitment to the territory with a trusted local partner who is experienced in supporting the Government and operators in their drive to make informed energy decisions," stated Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.

"We are delighted to have entered into this agreement with TGS to deliver increased customer value by enabling data-driven investment decisions. TGS-PetroData offers exploration and production companies both technical expertise and a broad portfolio of products and services to support the entire field development cycle from inception to abandonment," said Wole Shebioba, Managing Director of PetroData. 

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.

Petrodata Management Services Ltd (PMSL) was incorporated in 1994 as a private limited liability company with 100% Nigerian equity participation and authorized share capital of NGN 250 million. PMSL, a Data Management and Storage Company with over 19 years of experience and 95% of Oil & Gas companies in West Africa as clients, provides services to industries as diverse as the Oil & Gas, Financial and Insurance Sectors and Governmental bodies and private companies; in five core integrated business areas, comprising: cloud storage, disaster recovery and DC services; electronic document management services; tape storage and transcription, well log scanning and digitization plus seismic data vectorization; and infrastructure services.

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
    Cell: +47 47 60 33 34
    Email: kristian.johansen@tgs.com

    Will Ashby
    Director Finance Western Hemisphere & Investor Relations
    Tel: +1 713 860 2184
    Email: will.ashby@tgs.com