Asker, Norway (29 June, 2009) - TGS has commenced acquisition of a new Multi-Client 3D survey in the Barents Sea with the M/V Geo Barents. The survey covers a 4,300 square kilometer area over the Hoop Fault Complex. Seismic data and electromagnetic data in the TGS library have been the basis for defining the survey coverage. The survey, the largest 3D survey conducted by TGS on the Norwegian continental shelf, covers not only open blocks expected to be offered in later tender rounds, but also acreage awarded in the recent Norwegian 20th Round.
"Interpretation work that TGS has completed utilizing its existing library, suggests that favorable conditions are present for the occurrence of hydrocarbons in the project area", said Kjell Trommestad, Vice President and General Director of Europe/Russia for TGS. "Participating oil companies will benefit from the efforts we put into the planning and design of this survey as they work towards the next major licensing rounds in Norway."
The Hoop 3D has substantial client prefunding.
TGS will deliver preliminary data packages to prefunding customers in the autumn of 2009. Final data products will be available to industry in the first half of 2010.