TGS-NOPEC acquires multi-client project offshore Egypt
03 July 2005
Houston, Texas and Naersnes, Norway (13 July, 2005) - TGS-NOPEC Geophysical Company ("TGS") has completed the acquisition of 8,025 kilometers of multi-client 2D seismic, gravity and magnetic data over the Mediterranean Sea, offshore Egypt. The survey was acquired under a license agreement between TGS, the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Petroleum Corporation (EGPC). The industry-supported survey was conducted on behalf of the Ministry of Petroleum.
This unique program is the first regional multi-client survey to be acquired in the region over the last several years. Data from the program provides high resolution deep imaging (sub-salt) of the Nile delta and surrounding basins as well as providing ties to key wells. Final processed data (pre-stack time migration) and an interpretation of the data set are being marketed by TGS to oil companies ahead of a competitive license round to be conducted in late 2005. The new survey also ties to and forms part of the TGS Mega-Med project providing modern regional 2D data over the east Mediterranean region.
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. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. 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. TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
John AdamickSenior VP, Geological Products and Services
Tel: +1 713 860 2100