ASKER, NORWAY--(Marketwire - July 19, 2010) - TGS announced acquisition commencement of 15,000 km of multi-client 2D seismic data off the northwest coast of Greenland in Baffin Bay.
This season marks the 12th consecutive year of new data acquisition by TGS in Greenland. TGS will utilize the M/V Bergen Surveyor to acquire the survey. The data processing will be done at TGS' imaging center in Bedford, England.
TGS dominates the multi-client seismic market in Greenland and following the 2010 acquisition plan the TGS Greenland seismic library will contain approximately 120,000 km of data, of which approx 40,000 km is located in the Baffin Bay area.
"It is an exciting time in the life of hydrocarbon exploration in Greenland. A large number of companies pre-qualified and bid for acreage in the current Baffin Bay tender round. These companies are awaiting the award of blocks which is expected to take place in Q3-2010. In addition, the industry is closely anticipating the results from exploration drilling that is in progress offshore southwest Greenland," stated Kjell E. Trommestad, VP & General Director, Europe for TGS. "TGS has diligently expanded our multi-client database in this area for many years and TGS now offers the most important and complementary multi-client 2D data set for exploration companies who are interested in this frontier region," said Trommestad.
Data from the Baffin Bay survey will be available for customers in Q1-2011. The survey is supported by industry pre-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 (
Contact Information:
For additional information about this news release please contact:
Kjell E. Trommestad
VP & General Director, Europe
Office: +47 66 76 99 61
Email:
