TGS-NOPEC Announces New Louisiana Shelf 3D Survey

Houston, Texas and Naersnes, Norway (August 19, 2003) - TGS-NOPEC Geophysical Company announced today that it will acquire a substantial new multi-client 3D survey located along the offshore Louisiana shelf. Having received sufficient industry pre-funding for the program, TGS-NOPEC plans to begin field operations in September 2003.

 

This ambitious project, called "Deep Resolve", will initiate a new era of modern 3D seismic data along the Southern Additions of the Louisiana Outer Continental Shelf. For the last several years the multi-client seismic data industry has focused primarily on the deepwater areas of the Gulf of Mexico, but the Louisiana shelf area contains some of the Gulf's most prolific producing fields. Located predominately in the Ship Shoal and South Timbalier areas, the initial phase of Deep Resolve will re-examine a number of those fields as well as illuminate deeper highly prospective geological formations.

 

As evidenced by the ongoing success of TGS-NOPEC's newest Gulf of Mexico multi-client 2D project, "Phase 50", the deep shelf gas exploration play is one of the most active plays in North America. With longer offsets (9000 meters) and enhanced processing techniques the Deep Resolve 3D survey is designed to provide exploration and production geoscientists with the state-of-the-art tools necessary to evaluate the region for deeper hydrocarbon accumulations.

 

Due to the complexities of recording extremely long offsets in highly obstructed areas within the survey area, TGS-NOPEC has employed a two-vessel operation (the M/V Polar Search and the M/V Akademik Shatskiy) to acquire the 5,000 square kilometer inaugural phase of Deep Resolve.

 

TGS-NOPEC is a leading global provider of multi-client geo-science 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. 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 is listed on the Oslo Stock Exchange (OSLO:TGS). Web-site: www.tgsnopec.no