Nærsnes, Norway, May 30, 2000 - TGS-NOPEC Geophysical Company ASA (OSLO:TGS) today announced the plan to acquire a new non-exclusive 3D survey in UK waters this summer.
This is Phase 1 of a 2,000 square km survey and will cover an area of 650 square kilometers. The survey will be shot partly over licensed and open acreage. Several oil companies have committed to pre-fund the project covering approximately 70% of the cost of acquisition.
”This is a further milestone in implementing TGS-NOPEC's declared strategy to increase our exposure in the non-exclusive 3D market" says Kjell E. Trommestad, VP and General Director Europe. "This new survey is designed on the basis of what we see from our 2D data in the area and we see this as a good example for how TGS-NOPEC is able to act to the benefit for the involved parties; the oil companies as clients and Aker Geo as contractor. Seeing the high pre funding secured, we feel confident with the financial exposure we take on by contracting the vessel without partnering up, thereby using the same philosophy in the 3D market from now on that we have successfully used for some time in the 2D market. Further the project introduces TGS-NOPEC’s own processing center in Bedford to the 3D- arena after many years and large volumes of specialized 2D processing”.
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 aero-magnetic surveys.