Contact Information: For additional information about this news release please contact: Karen El-Tawil VP, Business Development Tel: +1 713 860 2100 Email: Arne Helland Chief Financial Officer Tel: +47 66 76 99 31/+47 91 88 78 29 Email: Rod Starr VP and GM Asia Pacific Tel: + 61 (08) 9480 0000 Email:
TGS Expands Multi-Client 2D Data Coverage in Indonesia
| Source: TGS
PERTH, AUSTRALIA--(Marketwire - January 28, 2010) - TGS
today confirmed its launch of a 2D seismic acquisition program offshore
West Papua in East Indonesia. The program adds 2,240 km of new 2D data
designed to help evaluate the petroleum potential south of the
Salawati Basin. The Salawati Basin is recognised as one of the largest
oil basins in Eastern Indonesia with total cumulative oil production of
more than 300 million barrels.
Data acquisition is now underway and is expected to
conclude by the second quarter of 2010.
"We are committed to continued expansion of the Indonesia multi-client data
library in areas with high exploration potential. This program represents
a solid start for 2010 and TGS expects that it will be the first of a
series of 2D projects this year, contingent on further industry support",
stated Rod Starr, TGS General Manager -- Asia Pacific.
The program has industry pre-funding and supports the Indonesia
government's overall objective to attract exploration and raise declining
production levels.
TGS maintains the largest multi-client Indonesia data library in the industry.
Upon the completion of the program, the TGS Indonesia library will exceed
100,000 kilometers of 2D seismic; 400,000 kilometers of
multi-beam bathymetric data and 1,200 core samples covering over 1 million
square kilometers of Indonesia's deep-water basins.
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.
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
(OSLO : TGS ).