TGS announces another new multi-client 3D survey in the Gulf of Mexico
27 February 2008OSE
Company Acquires Data for March 2009 Lease Offering
Asker, Norway (27 February, 2008) - TGS-NOPEC Geophysical Company (TGS) announces today its recently commenced multi-client 3D survey in the Gulf of Mexico. The survey, known as "Orion 3D", is predominantly located within the "181 South" area, an area that has been off-limits to exploration until the most recent 5-year leasing plan announced by the MMS. The March 2009 OCS lease sale will be the first opportunity for oil companies to lease tracts in the area in more than twenty years. Orion 3D will cover approximately 175 OCS blocks (4100 square kilometers) in the Lloyd Ridge OCS area. The exploration potential for this area includes seismic attribute plays as well as deeper structural opportunities.
The Orion 3D program area is located in close proximity to the Independence Hub production facility operated by several independent oil companies. This large facility produces gas from a number of discoveries that have been made in the area including Spiderman, San Jacinto, Atlas Northwest, Atlas, Mondo Northwest and Cheyenne.
TGS is acquiring the Orion 3D survey utilizing the Fugro GeoBarents seismic vessel. The data is being recorded with 9000 meter streamer offsets and will be processed with both pre-stack time and pre-stack depth imaging by TGS' own Imaging Services division. In addition to the full offset migrations, partial offset stacks will be generated for evaluating Amplitude Variation with Offset (AVO).
The Orion 3D survey is supported by industry funding.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time. 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 product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no reposnsibility 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