TGS Announces Major New Gulf of Mexico Deepwater 3D Survey
Houston, Texas and Naersnes, Norway (28 February 2006) - TGS-NOPEC Geophysical Company (TGS) announced today that it will acquire a new multi-client 3D seismic survey in the areas of Garden Banks, Keathley Canyon, Green Canyon and Walker Ridge located offshore Louisiana and Texas in the Gulf of Mexico.
Covering approximately 600 deepwater OCS blocks (14000 square kilometers), the new program, named "Stanley", focuses on an area of expected high lease turnover over the next several years. Forty percent (40%) of the current leases are scheduled to expire over the next 3 years with 22% of existing leases expiring in 2007. Currently, 24% of the OCS blocks are available for leasing.
The MV Polar Search will commence data acquisition in early April 2006. An area covering approximately two hundred (200) OCS blocks will be recorded, processed and delivered in advance of the 2007 Central Gulf of Mexico OCS Lease Sale. Acquisition of the entire 600-block project is expected to last approximately thirteen months.
"The complex geology in the Stanley area has historically been extremely challenging to properly image. TGS will incorporate 9000-meter streamer offsets and a host of advanced pre-stack imaging techniques to generate multiple output volumes, including both wave equation and Kirchhoff pre-stack depth products. Utilization of advanced technology in concert with the turnover of leases in the area will provide TGS and its clients a commercially significant project for advancing exploration in this difficult area for quite some time." said Kim Abdallah, Vice President of NSA New Ventures.
Confirming the demand for new data in this region, Stanley is supported by substantial customer underwriting.
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company also provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. The TGS family of companies 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 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.
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).
For more information about this news release, please contact:
John Adamick
VP Business Development
Tel: 713 860 2100
Email: jada@tgsnopec.com
Kim Abdallah
VP NSA New Ventures
Tel: 713 860 2100
Email: jkima@tgsnopec.com
Arne Helland
Chief Financial Officer
Tel: +47 31 29 20 33
Email: arne.helland@tgsnopec.no
VP Business Development
Tel: 713 860 2100
Email: jada@tgsnopec.com
Kim Abdallah
VP NSA New Ventures
Tel: 713 860 2100
Email: jkima@tgsnopec.com
Arne Helland
Chief Financial Officer
Tel: +47 31 29 20 33
Email: arne.helland@tgsnopec.no
New GOM Deepwater 3D Survey: