TGS-NOPEC Geophysical Company ASA

09/06/2019 | Press release | Distributed by Public on 09/05/2019 23:12

TGS and Schlumberger Announce New 3D Multi-client Reimaging Project in Egyptian Red Sea

ASKER, NORWAY (September 5, 2019) - TGS and Schlumberger today announced a new 3D seismic reimaging project in the Egyptian Red Sea. The project will comprise reimaging data from three overlapping seismic surveys totaling 3,600 km² that was acquired between 1999 and 2008 - the only available 3D data in this part of the Red Sea. It includes the integration of all legacy seismic and non-seismic data and will apply advanced imaging technologies to better define complex subsalt structures.

The project, which is supported by industry prefunding, will be carried out by TGS and WesternGeco®, the geophysical services product line of Schlumberger.

Data will be available before the closing of Egypt's offshore Red Sea international license round on September 15, 2019.

Kristian Johansen, CEO at TGS, said: 'The Red Sea 3D reimaging project follows a multi-client 2D seismic acquisition program that was completed in March 2018 as the initial step in mitigating the complex salt imaging challenges in the area.' He concluded: 'The underexplored offshore Egyptian Red Sea area is made up of large, untested structures that offer growth opportunities for oil companies.'

Maurice Nessim, president of WesternGeco, stated: 'Our comprehensive geological understanding, innovative seismic imaging techniques and full integration of non-seismic methods will define new exploration trends in this frontier basin.' He added: 'This collaborative approach will help our clients identify high-potential play segments, assess exploration risks and accelerate hydrocarbon discovery.'

TGS and Schlumberger have a long-term commitment with the Egypt Ministry of Petroleum and South Valley Egyptian Petroleum Holding Company (GANOPE) to acquire and process seismic data and promote the prospectivity of the Egyptian Red Sea. GANOPE is responsible for managing Egypt's hydrocarbon resource potential under latitude line 28°.

About TGS

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 at www.tgs.com.

Forward-looking statements

This press release contains 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 risks and other factors include the parties' reliance on a cyclical industry and principal customers, their respective ability to continue to expand markets for licensing of data, and the ability to acquire and process data products at costs commensurate with profitability, and other risks and uncertainties detailed in the parties' most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. Actual results may differ materially from those expected or projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release, and neither TGS nor Schlumberger undertake any 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'.

About Schlumberger

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has executive offices in Paris, Houston, London, and The Hague, and reported revenues of $32.82 billion in 2018. For more information, visit www.slb.com.

For further information, contact:

Dean Zuzic - Chief Financial Officer - Tel: +47 41433560 - [email protected]