TGS Expands Multi-Client 2D Data Coverage in Indonesia
Perth, Australia (28 January, 2010) – TGS today confirmed its launch of a 2D seismic acquisition program offshore West Papua in East Indonesia. The program adds 2,240 km of new 2D data designed to help evaluate the petroleum potential south of the Salawati Basin. The Salawati Basin is recognised as one of the largest oil basins in Eastern Indonesia with total cumulative oil production of more than 300 million barrels.
Data acquisition is now underway and is expected to conclude by the second quarter of 2010.
“We are committed to continued expansion of the Indonesia multi-client data library in areas with high exploration potential. This program represents a solid start for 2010 and TGS expects that it will be the first of a series of 2D projects this year, contingent on further industry support”, stated Rod Starr, TGS General Manager – Asia Pacific.
The program has industry pre-funding and supports the Indonesia government’s overall objective to attract exploration and raise declining production levels.
TGS maintains the largest multi-client Indonesia data library in the industry. Upon the completion of the program, the TGS Indonesia library will exceed 100,000 kilometers of 2D seismic; 400,000 kilometers of multi-beam bathymetric data and 1,200 core samples covering over 1 million square kilometers of Indonesia’s deep-water basins.
TGS-NOPEC Geophysical Company (TGS) provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves. We design and acquire multi-client data projects worldwide that make up our data library of seismic, gravity/magnetic and well data, enhanced by our seismic imaging technology and regional interpretation expertise.
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).