TGS and PGS Ramp Up 3D Activity Offshore Eastern Canada
(Thomson Reuters ONE) -
ASKER, NORWAY (23 May 2017) - TGS and Petroleum Geo-Services ("PGS") announce
two new multi-client 3D seismic projects offshore Eastern Canada. Following on
from the recently announced 2017 2D seismic campaign and the Cape Broyle 3D, the
joint venture is now ramping up its 3D seismic acquisition in Newfoundland
Labrador with these additional projects, reflecting high customer interest in
this region.
East Flemish Pass 3D Phase II is a 1,950 km2 extension of a 3D survey that was
acquired by the joint venture in 2016 in the Eastern Newfoundland region. The
survey will extend eastwards into block EL1150 which is expected to see drilling
activity in the future.
Harbour Deep 3D will comprise a minimum of 2,700 km2 of 3D GeoStreamer® data in
the Eastern Newfoundland region covering a mix of held and open acreage to be
included in the November 2018 licensing round under Newfoundland Labrador's
Scheduled Land Tenure system.
Following completion of these surveys the jointly-owned library will have more
than 175,000 km of 2D GeoStreamer data and 19,400 km2 of 3D GeoStreamer data. An
expansive well log library is also available in the region, along with advanced
multi-client interpretation products that will improve play, trend and prospect
delineation.
"Newfoundland Labrador continues to attract high interest from E&P companies.
We have built significant geological and operational experience in this region
over many years which, combined with the leading multi-client data library,
positions us well to support E&P companies in their drilling and exploration
activities," commented Kristian Johansen, CEO of TGS.
"Our growing MultiClient data library benefits the oil companies exploring this
high potential area, and makes us well positioned for upcoming license rounds.
This will be our most active season in the Newfoundland Labrador region to date,
reflecting high customer interest," says Jon Erik Reinhardsen, President & CEO
of PGS.
These projects are supported by industry funding.
Company summary
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil
and gas Exploration and Production companies worldwide. In addition to
extensive global geophysical and geological data libraries that include multi-
client seismic data, magnetic and gravity data, digital well logs, production
data and directional surveys, TGS also offers advanced processing and imaging
services, interpretation products, and data integration solutions.
For more information visit TGS online at www.tgs.com.
Forward-looking statements and contact information
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 principle 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).
TGS sponsored American Depositary Shares trade on the U.S. over-the-counter
market under the symbol "TGSGY".
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen(at)tgs.com
Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby(at)tgs.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
East Coast Canada 2017:
http://hugin.info/86869/R/2106845/799983.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TGS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2017 - 07:50 Uhr
Sprache: Deutsch
News-ID 544191
Anzahl Zeichen: 4940
contact information:
Town:
Asker
Kategorie:
Business News
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"TGS and PGS Ramp Up 3D Activity Offshore Eastern Canada"
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