Business & Finance
Business and Finance
Business and Finance
Tue, June 30, 2009
Mon, June 29, 2009 TGS-NOPEC Geophysical Company: TGS Announces a New 3D Multi-Client Survey in the Barents Sea
ASKER, NORWAY--(Marketwire - June 29, 2009) - [ TGS ] has commenced acquisition of a new Multi-Client [ 3D survey ] in the Barents Sea with the M/V Geo Barents. The survey covers a 4,300 square kilometer area over the Hoop Fault Complex. [ Seismic data ] and electromagnetic data in the [ TGS library ] have been the basis for defining the survey coverage. The survey, the largest 3D survey conducted by TGS on the Norwegian continental shelf, covers not only open blocks expected to be offered in later tender rounds, but also acreage awarded in the recent Norwegian 20th Round.
"Interpretation work that TGS has completed utilizing its existing library, suggests that favorable conditions are present for the occurrence of hydrocarbons in the project area," said Kjell Trommestad, Vice President and General Director of Europe/Russia for TGS. "Participating oil companies will benefit from the efforts we put into the planning and design of this survey as they work towards the next major licensing rounds in Norway."
The Hoop 3D has substantial client prefunding.
TGS will deliver preliminary data packages to prefunding customers in autumn of 2009. Final data products will be available to industry in the first half of 2010.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its Annual Report. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange ( Visit TGS-NOPEC Geophysical Company online at [ www.tgsnopec.com ]
