TGS Increases Investment Offshore Eastern Canada
HOUSTON, TX -- (Marketwired) -- 05/07/14 -- TGS announces the
expansion of multi-client 2D surveys offshore Eastern Canada with
plans to acquire more than 30,000 km of seismic data, in partnership
with PGS, utilizing two vessels during the 2014 acquisition season.
The M/V Sanco Spirit, utilizing the PGS GeoStreamer(R) technology,
will acquire seismic and gravity data in the Labrador Sea and
Northeast Newfoundland-Flemish Pass areas. Data acquisition will
commence during June 2014. This project will provide valuable data
covering expected Areas of Interest (AOIs) to be released by Canada's
Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) as part
of the new land tenure system announced to the industry on 19
December 2013. This new data will also complement TGS' existing
47,600 km of 2D data acquired during the 2011, 2012 and 2013
acquisition seasons in this region. Data processing will be performed
by TGS and final data will be available to clients Q3 2015.
The M/V Atlantic Explorer, also utilizing the PGS GeoStreamer(R)
technology, will acquire seismic and gravity data in the Tail of the
Bank area of Southeast Grand Banks. Data acquisition will commence
during July 2014. The Southeast Grand Banks 2D covers an initial
15,000 km to infill the existing TGS NF 101 Tail of the Bank 2D
survey acquired in 2000, where it is expected the C-NLOPB will
announce future AOIs. Data processing will be performed by TGS and
final data will be available to clients Q3 2015.
TGS complements these new investments with data from its expansive
well log library and advanced multi-client interpretation products
that will improve play, trend and prospect delineation.
"We believe offshore Eastern Canada is one of the world's newest
energy frontiers and the region holds significant untapped potential.
This season's commitment to two vessels will accelerate our expansion
of regional coverage in support of Newfoundland-Labrador's provincial
energy strategy, including more detailed coverage in the expected
future AOIs," commented Rod Starr, Senior VP Western Hemisphere for
Both of these projects have industry support.
To view TGS' updated vessel and crew capacity schedule, please click
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.
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).
TGS sponsored American Depositary Shares trade on the U.S.
over-the-counter market under the symbol "TGSGY".
For additional information about this press release please contact:
Chief Financial Officer
Cell: +47 47 60 33 34
Director Finance Western Hemisphere & Investor Relations
Tel: +1 713 860 2184
Senior VP Western Hemisphere
Tel: +1 713 860 2100
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