TGS Commences 3D Multi-Client Electromagnetic Survey in the Barents Sea
ASKER, NORWAY -- (Marketwired) -- 06/19/13 -- TGS in partnership
with Electromagnetic Geoservices ASA (EMGS) have signed an agreement
to jointly invest in a 3D electromagnetic (EM) multi-client survey
covering 11 blocks, or approximately 3300 km2, in the Hoop area of
the Barents Sea.
The 3D EM data is being acquired by the M/V Atlantic Guardian. Data
will be available to clients through both EMGS and TGS. The survey is
supported by industry funding.
Under the terms of the previously announced agreement, EMGS will be
given access to TGS' 2D seismic data for survey planning and
integration purposes, while TGS will obtain access to 3D EM data to
evaluate and plan subsequent multi-client work over the area.
"TGS and EMGS are pleased to now join forces in the Barents Sea,"
commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.
"Both companies have a strong track record in this area and several
case studies have shown the value of integrating EM and seismic data
to reduce exploration risk and identify new hydrocarbon prospects.
This project represents a strong start to our previously-announced
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.
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
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock
Exchange (OSLO: TGS).
For additional information about this press release please contact:
Chief Financial Officer
Tel: +47 47 60 33 34
Director Investor Relations and M&A
Tel: +1 713 860 2184
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