Naersnes, Norway and Houston, Texas (July 25, 2005) - TGS-NOPEC Geophysical Company ("TGS") and partners will initiate two new seismic programs offshore Russia beginning in August. In the Sea of Okhotsk near Sakhalin Island, TGS and partner Dalmorneftegeophysica ("DMNG") will acquire 8,000 kilometers of multi-client 2D seismic data. The new program will infill the companies' pre-existing seismic grid in the region and extend the program into the Sakhalin 6 area for the first time. In the Barents Sea, TGS and partner New Field Ventures Limited will acquire 7,000 kilometers of multi-client 2D seismic data. Kjell Trommestad, Vice President-Europe/Russia for TGS said "For the first time TGS is acquiring multi-client seismic in the Russian Barents Sea. We are excited that we are now able to materialize the plan of building up a completely new regional 2D seismic grid in this part of the world. Many geoscientists believe that the Barents Sea is one of the most prospective petroleum provinces in the world."
Both the Sea of Okhotsk and Barents Sea programs are highly prefunded by the industry. Final data on both surveys is expected to be available by year end.
TGS-NOPEC Geophysical Company (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The company also provides advanced depth imaging solutions and software through its TGS Imaging division. A2D Technologies, a wholly-owned subsidiary, is the energy industry's well log data marketplace offering the largest online database, immediate delivery, conversion services, data management services and worldwide well log data sourcing. The TGS family of companies 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 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 products 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.
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 products 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).
For more information about this news release, please contact:
John A. Adamick
VP, Business Development
Tel: 713 860-2114
Email: jada@tgsnopec.com
