TGS Announces a Third Wide Azimuth 3D Project
Asker, Norway (26 October, 2009) TGS-NOPEC Geophysical Company (TGS) announced today their third Wide Azimuth (WAZ) 3D survey in the Constitution series of projects in the Gulf of Mexico.
This newest survey, Justice, adds more than 7,800 square kilometers of WAZ coverage to the TGS portfolio. The project is a northeast expansion of the existing and contiguous Freedom and Liberty projects. Justice will cover portions of the hydrocarbon rich areas of Mississippi Canyon, Viosca Knoll, and De Soto Canyon.
TGS has contracted WesternGeco to perform the seismic acquisition for this survey and the project is planned to commence late in December 2009. Acquisition of the data will incorporate two streamer vessels and two source vessels with a total of 20 streamers and 4 sources deployed and synchronized on the project. TGS will perform all data processing on the Justice survey and the final deliverables will include a wide range of depth imaged products.
Contrary to the Freedom and Liberty projects which were done under a cooperation agreement with WesternGeco, TGS will be the sole owner of the Justice survey.
"The clients’ support of our existing Wide Azimuth programs and their willingness to pre-fund the adjacent areas has allowed us to again expand these efforts,” commented Stein Ove Isaksen, VP of North and South America for TGS. “We look forward to the challenge of imaging this geologically complex and important producing region of the Gulf.”
Upon completion of Justice, TGS will have more than 27,000 square kilometers of WAZ 3D available for licensing covering the most productive oil producing area of the deepwater Gulf of Mexico.
The Justice WAZ 3D project is being completed with customer 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 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).