TGS-NOPEC announces a second new non-exclusive 2D seismic and aeromagnetic programme offshore Spain

Nærsnes, Norway, October 17, 2001 - TGS-NOPEC Geophysical Company ASA (OSLO:TGS) today announced the start-up of a new non-exclusive 2D seismic survey offshore Spain. The 2800-km project, located in the southern part of the Gulf of Valencia, is a joint TGS-NOPEC/Fugro Geoteam programme. The MV Geobaltic is acquiring the new seismic data with a 6000-meter streamer. Following processing in Fugro Geoteam's processing centre in Oslo, final data will be available to the oil companies during the first Quarter of 2002.

The new project commences just as TGS-NOPEC is completing acquisition of its previously announced Cantabrian Sea project offshore northern Spain.

To complement the new seismic data, TGS-NOPEC will also acquire a new 22,000-km aeromagnetic survey covering a larger area in the Gulf of Valencia.

Both the seismic and aeromagnetic projects are heavily pre-funded.


TGS-NOPEC is a leading global provider of non-exclusive seismic data and associated products to the oil and gas industry. Oil companies use this seismic data to explore for and develop oil and gas deposits. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation, and marketing of non-exclusive surveys worldwide. The company places a strong emphasis on providing high quality seismic data and the highest level of service to the industry. TGS-NOPEC also offers proprietary seismic acquisition and processing services, as well as gravity and aeromagnetic surveys.