Houston, Texas, February 25, 2000- TGS-NOPEC Geophysical Company (OSLO:TGS) today announced an agreement with the Laboratory of Regional Geodynamics Ltd. (LARGE) whereby TGS-NOPEC has purchased the controlling rights to over 25,000 kilometers of non-exclusive 2D seismic data currently being recorded by LARGE’s seismic vessel M/V Mezen in the Foz do Amazonas and Para-Maranhao Basins of offshore northern Brazil. This new program, “NorBraz99”, provides a comprehensive regional grid of seismic data over the two basins as well as over 3000 kilometers of detailed coverage over ANP Block BM-PAMA-1. The Agencia Nacional do Petroleos (”ANP”) has included Block BM-PAMA-1 in the second round of lease offerings currently scheduled for May 2000. The NorBraz99 project complements the ongoing 100,000(+) kilometer Brazil surveys previously announced by TGS-NOPEC and its alliance partner Schlumberger.
Under terms of the new agreement, TGS-NOPEC assumes all responsibilities for data processing, quality control, marketing, sales, administration, and licensing of the NorBraz99 product. LARGE remains responsible for completing the data acquisition.
TGS-NOPEC previously worked with LARGE and its vessel M/V Mezen on the successful Phase 47 and Phase 49 projects in the Gulf of Mexico. According to J. Kim Abdallah, President of International New Ventures for TGS-NOPEC, “Seismic activity in Brazil has escalated to a frenetic pace over the last twelve months. In renewing this relationship with LARGE, TGS-NOPEC is capturing an opportunity to rapidly expand its presence in the fastest growing exploration market in the world. The LARGE organization had the foresight to move into a niche market in northern Brazil while the other seismic contractors were fighting over the southern offshore Brazil basins.”
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.