TGS to Make Tajikistan, Somaliland Well Log Data Available Online
HOUSTON, Sep 09, 2008 (BUSINESS WIRE) -- The Geological Products and Services division of TGS-NOPEC Geophysical Company (TGS) has signed an agreement with the Head Geological Department under the Government of the Republic of Tajikistan to build and market a databank of the country's well log data assets. Under the terms of the deal, TGS will have the exclusive right to license to third party exploration companies the several thousand logs that will be sourced from government archives beginning in late Q3 2008. During indexing, scanning and subsequent processing, the data will be subject to TGS' exacting quality control standards.
Tajikistan is considered a highly prospective hydrocarbon play, with existing discoveries and production but very little exploration investment to date.
In a separate agreement with the Ministry of Water and Mineral Resources of the Republic of Somaliland, TGS will also add curve data for the East African nation's wells to its collection.
The TGS well log database contains more than five million well logs from key exploration areas in 23 countries worldwide. All of this data is available to clients via the award winning LOG-LINE Plus!(R) database which features online access, search tools and immediate download capabilities.
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).
Visit TGS-NOPEC Geophysical Company online at http://www.tgsnopec.com
SOURCE: TGS-NOPEC Geophysical Company
