TGS Announces Multi-Client 3D Sweep Of Offshore Liberia
ASKER, Norway--(BUSINESS WIRE)--TGS-NOPEC Geophysical Company (TGS) today announced that it has commenced the acquisition of approximately 9,000 square kilometers of multi-client 3D seismic data located offshore Liberia. Additional planned phases could increase the size of the program significantly by the end of 2009. This substantial program covers a number of blocks recently awarded by the National Oil Company of Liberia ("NOCAL") and has achieved a high level of pre-funding. The first phase of acquisition commenced in September. A second vessel will be added in November for the second phase and will continue through most of 2009.
TGS first acquired regional multi-client 2D data in Liberia in 2001. Since that time Liberia has held a number of successful bid rounds. Companies now operating or sharing in offshore contracts in Liberia now include Anadarko Liberia Company, Woodside Petroleum, Repsol, Oranto, Broadway Consolidated and European Hydrocarbons.
"It has been exciting to participate in the growth of Liberia's offshore oil and gas exploration industry. TGS' ongoing multi-client data investments in Liberia reflect our confidence in Liberia's offshore potential as well as our commitment to further our relationship with NOCAL," said David Hicks, VP AMEAP.
The Liberia data will be processed in TGS centers in London and in Houston. The first data deliveries are expected to be in Q2 of 2009.
TGS-NOPEC Geophysical Company (TGS) is a principal resource for global geoscientific data products and services in the E&P industry. TGS specializes in the design, acquisition and processing of multi-client seismic surveys worldwide and delivers advanced high performance seismic imaging and software solutions. The Company also provides the world's largest online well-log database, well data management services, multi-client interpretive products and subsurface consulting services to industry. The suite of integrated exploration data products available from TGS is distinctive and unmatched. The Company philosophy is to create unique high-quality data collected in the right place at the right time.
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.
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