Nærsnes, Norway (May 19, 2005)-TGS-NOPEC Geophysical Company ASA in collaboration with Aberdeen-based OHM announces today the start-up of a Multi-Client Controlled Source ElectroMagnetic (CSEM) survey in the Norwegian Barents Sea.
The survey is designed and based on TGS-NOPEC's multi-client 2D and 3D-seismic database in the area, and is the first one conducted under a "project by project" collaboration agreement between the two companies.
The CSEM method is used under given circumstances to identify highly resistive bodies like hydrocarbon bearing reservoirs in the subsurface, potentially helping to reduce exploration risk for oil and gas companies.
Final processed data and analysis are expected to be available in the summer of 2005.
The survey is supported by industry pre-funding.
TGS-NOPEC is a leading global provider of multi-client geoscience data and associated products and services to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive seismic surveys worldwide. A2D Technologies, a wholly owned subsidiary, pioneered the delivery of digital well log data over the Internet and currently offers a one-of-a-kind integrated solution for well log data sourcing, well log data management, and well log correlation. The TGS-NOPEC group 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. These include TGS-NOPEC's reliance on a cyclical industry and principal customers, the company's ability to continue to expand markets for licensing of data, and the company's ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected. TGS-NOPEC undertakes no responsibility to update forward-looking statements.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
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