Nærsnes, Norway and Houston, Texas (February 19, 2004) - TGS-NOPEC Geophysical Company, in co-operation with Dalmorneftegeophysica (DMNG), announced today that it will acquire a new multi-client 2D seismic survey north and east of Sakhalin Island in the Sea of Okhotsk.
The program is strongly supported by industry pre-funding and acquisition will start in late June or early July. Final data will be available for delivery during Q4 in 2004.
With a total length of the program in 9100 kilometers, the project is designed to infill the Company's 1998 survey and to examine deeper basins immediately to the east of the producing fields offshore Sakhalin Island. The province is estimated to be among the most prolific hydrocarbon provinces worldwide.
TGS-NOPEC is currently reprocessing its 9,700-kilometer 1998 Sea of Okhotsk survey utilizing current technology including pre-stack time migration to improve imaging and resolution. This reprocessed data set, in combination with the new program will constitute the most modern and complete multi-client seismic coverage offshore Sakhalin Island.
DMNG's M/V Zephyr 1 will acquire the program with a 6000 m streamer.
To see a map over the survey area, please go to www.tgsnopec.no.
TGS-NOPEC is a leading global provider of multi-client geoscience 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. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. 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 Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
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