ASKER, NORWAY -- (Marketwire) -- 11/24/08 -- The Geological Products and Services division of TGS-NOPEC Geophysical Company (TGS) announced today that it has commenced a new multi-client interpretive study of offshore Brazil utilizing the company's proprietary Facies Map Browser (FMB) application. The FMB allows explorationists to visualize the distribution of and relationship between the various elements of a petroleum system within a depositional basin.
This new study which is funded by several oil companies, will utilize borehole information and seismic data to map the development of depositional systems offshore Brazil in the form of sequence constrained environmental facies distribution maps. The first phase of the project, the Santos Basin FMB, is scheduled for completion by end Q1 2009. Additional phases in the Campos and Espirito Santo basins will be completed in 2009 and 2010.
The FMB has become established as the default well and interpreted facies database and visualization tool in Northwest Europe, where some 50 exploration companies subscribe to and utilize a series of nine regional FMB areas in their exploration and new ventures activities. Additional FMB studies have been conducted in North America and are planned for other international areas.
"It is exciting to take the FMB's unique concept to Brazil especially at this time of such significant exploration success for the Country. We are delighted by the level of industry endorsement for the internationalization of the FMB. TGS continues to look for further opportunities to strengthen our presence and footprint in the South Atlantic" said Jeremy Berry, Managing Director of Geological Products & Services.
Geological Products and Services is the interpretation and well log data division of TGS. As well as offering multi-client studies examining the subsurface, the group's geoscience expertise is available on a commissioned consulting basis.
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.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO: TGS).
For additional information about this news release please contact: Karen El-Tawil VP, Business Development Tel: 713 860 2102 Email: firstname.lastname@example.org Arne Helland Chief Financial Officer Tel: +47 66 76 99 31/+47 91 88 78 29 Email: email@example.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Copyright © Hugin AS 2008. All rights reserved.