Asker, Norway (2 January 2007) - TGS-NOPEC Geophysical Company ASA (TGS) announced today that it has commenced acquisition of a series of non-exclusive geoscientific surveys to be conducted over Indonesia's under-explored frontier basins.
The project is undertaken in cooperation with the Directorate General of Oil and Gas (MIGAS). MIGAS, a subdivision of the Indonesian Ministry of Energy and Mineral Resources, is responsible for all aspects of the Indonesian petroleum industry.
The surveys will acquire a variety of data to conduct a comprehensive prospectivity analysis over an area of around one million square kilometers. The studies, involving some 16 sedimentary basins, will include:
All operations will be managed by TGS, with interpretation of the data carried out by an expert team of geoscientists with extensive knowledge of Indonesian basins and a proven record of exploration success in the region.
The project is designed to couple innovative, new technologies with proven geologic concepts. The gravity and magnetic data will provide valuable information on the tectonic fabric and basement architecture in the basin while the seismic data will provide more detailed structural mapping capabilities. The Mutibeam SeaSeep data will provide a high-resolution view of seafloor topography and will be used to detect hydrocarbon seeps on the seafloor. The sediment cores, geochemical analyses, and heat probe tests will all be used to evaluate the commercial viability of petroleum systems within the frontier basins. The complete, integrated data package will be marketed to the exploration industry.
"The geology and petroleum potential of Indonesia's frontier basins are not well understood by industry, with large areas written off with little or no data" said Paul Gilleran, TGS General Manager for Asia-Pacific. "Modern, integrated data can help open these frontier basins to new, 'clever' exploration".
The Director of MIGAS, IR. R. Pryono, said "This exciting new program will generate a huge amount of new data and ideas on Indonesian geology. I am confident that as a result we will be able to rewrite the geology of Indonesia".
The Indonesia Frontier Basins Megaproject is strongly supported by industry prefunding and should take approximately eighteen months to complete, although first data will be available in the second quarter of 2007.
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 provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary. 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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
For more information about this news release, please contact:
Paul Gilleran
General Manager Asia Pacific
Tel: +618 9480 0000
Email: paulg@tgsnopec.com.au
Arne Helland
Chief Financial Officer
Tel: +47 66 76 99 31
Email: arne.helland@tgsnopec.no
John Adamick
VP, Business Development
Tel: +1 713 860-2114
Email: jada@tgsnopec.com
