Processing of the 25,000 kilometers is expected to be completed and available to the industry by the end of 2004.
TGS-NOPEC has extensive experience with long-offset acquisition in Gulf of Mexico with the company's Phase 50 2D and Deep Resolve 3D seismic programs. The NSR concept represents an extension of the company's technical success with these programs to North Sea waters. The NSR program was initiated last year as a 3,300 kilometer pilot program that proved better resolution of deeper geological sequences and detected hydrocarbons on long-offset data previously never recorded. The 2004 NSR program is pre-funded by several oil companies.
The North Sea Renaissance is acquired in co-operation with Fugro.
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.
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).
For additional information about this news release please contact:
Arne Helland, CFO
Telephone: +47-31-29-20-33 / +47-91-88-78-29
Email: arne.helland@tgsnopec.no
John Adamick, VP Business Development
Telephone: +1 713 860-2100
Email: jada@tgsnopec.com