SOURCE: TGS

TGS

May 18, 2011 08:00 ET

TGS Expands 2D Multi-Client Seismic Data Library in Northwest Europe With Three Surveys

ASKER, NORWAY--(Marketwire - May 18, 2011) - TGS commences the 2011 summer season with three 2D surveys in cooperation with Fugro; North Sea Renaissance 2011(NSR11), Mid-Norway Regional 2011 (MNR11) and Norwegian Barents Sea 2011 (NBR11). The data to be collected includes approximately 10,000 km for NSR11 which is a regional infill West of Shetland utilizing the M/VBergen Surveyor , approximately 10,000 km for MNR 11 which is a regional infill Norwegian Sea utilizing the M/V Akademik Shatskiy and approximately 10,000 km for NBR11 which is a regional infill in the Barents Sea utilizing the M/VAkademik Lazarev.

The above mentioned projects will enable to TGS to continue building on the successful regional long offset grid in NW Europe. Upon completion of the 2011 acquisition season, the total long offset grid will total approximately 285,000 km. The new long offset projects together with the previous year's programs will be important for companies in the early exploration phase as well as for license round preparation in both Norway and the UK.

The data will be jointly processed by TGS and Fugro and time and depth products will begin to be delivered later this year. Completion of all three projects is scheduled for the end of Q1 2012.

These projects are 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