Nærsnes, Norway and Houston, Texas (March 29, 2004) - TGS-NOPEC Geophysical Company announces that acquisition has commenced on "Heimdall", a new 9,300 km non-exclusive 2D seismic survey in waters of both Indonesian and Vietnamese jurisdiction. Industry pre-funding supports the survey.
In June 2003, after 25 years of negotiation, Vietnam and Indonesia signed an agreement over their maritime boundary in this potentially oil-rich area of the South China Sea. Acquisition of modern, high quality, regional data commenced on March 27, 2004 over parts of the West Natuna, Nam Con Song and East Natuna Basins. The survey will enable petroleum explorers to better assess the prospectivity of an area where little exploration has taken place since the 1970's. The area will be offered in separate bid rounds to be hosted by the Indonesian Government and Vietnamese Government. The bid rounds will be held during the second half of 2005.
Dr. Tran Ngoc Canh President & CEO of Petrovietnam said that TGS-NOPEC had been given exclusivity to acquire multi-client data over the Vietnamese part of the survey area. "The Vietnamese Government is keen to attract new investment for exploration of our sedimentary basins, and this survey will provide an important foundation", said Dr. Canh.
Mr. Novian Moezahar Thaib Director of Exploration & Exploitation Oil and Gas (Direktorat Jenderal Minyak dan Gas Bumi/ MIGAS), said "TGS-NOPEC has in recent times acquired over 34,000 km of non-exclusive data in Indonesian waters and has played an important role in supporting MIGAS in it's promotion of exploration in Indonesia. This new survey continues that necessary work".
See map of the survey at www.tgsnopec.com.
TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. The TGS-NOPEC group places a strong emphasis on providing high-quality data and the highest level of service to the industry.
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. These include TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
Web site: www.tgsnopec.com
For additional information about this news release please contact:
Paul Gilleran, General Manager Asia Pacific
Telephone: +61 8 9480-0000
Email: paul@tgsnopec.com.au