Houston, Texas, April 7, 2000 - TGS-NOPEC Geophysical Company ASA (OSLO:TGS) today announced plans to acquire over 12,000 kilometers of new non-exclusive 2D seismic data offshore Eastern Canada.
The program, referred to as the “Tail of the Bank” survey, extends TGS-NOPEC’s existing deepwater regional coverage from Nova Scotia into and around the Grand Banks area of offshore Newfoundland, bringing the Company’s total Eastern Canada 2D library to over 45,000 kilometers. Several oil companies have committed substantial pre-funding to the project.
TGS-NOPEC has contracted a Schlumberger operated seismic vessel, the M/V Akademik Shatskiy, to complete the recording phase. The vessel is currently in transit from Brazil where it recorded over 20,000 kilometers of the TGS-NOPEC / Schlumberger Alliance Brasil’99 Seismic Program. Acquisition of Tail of the Bank is scheduled to begin in early May.
“We are pleased to return to Canada for the third consecutive summer season. TGS-NOPEC has made a commitment to become a leading seismic data provider in the Canada market and the support we have received for the Tail of the Bank project further demonstrates our progress”, says Kim Abdallah, President of International New Ventures. “This program fits perfectly into TGS-NOPEC’s strategy of acquiring modern regional seismic data along the Atlantic Margins.”
TGS-NOPEC has ongoing Atlantic Margin programs in Brazil, Canada, Greenland, the Faroes, Portugal, and Morocco.
TGS-NOPEC is a leading global provider of non-exclusive seismic data and associated products to the oil and gas industry. Oil companies use this seismic data to explore for and develop oil and gas deposits. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation, and marketing of non-exclusive surveys worldwide. The company places a strong emphasis on providing high quality seismic data and the highest level of service to the industry. TGS-NOPEC also offers proprietary seismic acquisition and processing services, as well as gravity and aeromagnetic surveys.