TGS and Schlumberger Announce New Multi- and Wide-Azimuth Multiclient Reimaging Program in Central U.S. Gulf of Mexico

ASKER, Norway, 2017-02-23 15:00 CET (GLOBE NEWSWIRE) -- TGS-NOPEC Geophysical Company (TGS) and Schlumberger today announced a new multi- and wide-azimuth (M-WAZ) multiclient reimaging program in the highly prospective Central U.S. Gulf of Mexico. Final results are expected in early 2018, ahead of a period when substantial block turnover in the area is anticipated.

An attachment accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7b0f11ce-44a6-4f44-83db-5ce04798f826

The new Fusion M-WAZ reimaging program comprises data covering more than 1,000 Outer Continental Shelf (OCS) blocks (~23,000 km2) from 3D WAZ programs previously acquired by TGS and Schlumberger with the WesternGeco Q-Marine* point-receiver marine seismic system between 2008 and 2012. This large reimaging program will process data from the Mississippi Canyon, Atwater Valley and Ewing Bank areas using the latest imaging technology to provide a significant uplift in data quality for upcoming licensing rounds. The area is expected to remain a high priority for E&P companies in the foreseeable future and will benefit from two licensing rounds every year for the next five years under the new BOEM 2017-2022 Five-Year Program.

“This highly prospective region is a core area for TGS and Schlumberger, where we have a close relationship with customers who continue to demand the best data to support their exploration and drilling activities,” said Kristian Johansen, CEO, TGS. “We have a strong track record of adding value to existing data sets through reprocessing with the latest technology. Fusion is the largest wide-azimuth reprocessing project ever performed by TGS in our collaboration with Schlumberger.”

Maurice Nessim, president, WesternGeco, Schlumberger, added, “This reimaging collaboration combines the use of the latest reimaging technology with high quality Q-Marine measurements and extensive geophysical and geological knowledge of this prolific area. Customers have shown great interest and we are confident that this project will afford them a competitive advantage in the upcoming lease rounds and ahead of the large block turnover.”

The custom-processing workflow for this project will include a number of newly developed imaging technologies including 3D WAZ de-ghosting; 3D surface related multiple elimination (SRME); common offset RTM gather (COR) and image-guided tomography; and orthorhombic anisotropy velocity modelling. During the reprocessing, geoscientists will update the salt interpretation and add input from the latest well data released for the area.

The reimaging program is supported by industry funding. Fast-track data will be available in 2017 for lease round bid evaluation.

About the Companies

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.

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 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 principal offices in Paris, Houston, London and The Hague, and reported revenues of $27.81 billion in 2016. For more information, visit www.slb.com.

*Mark of Schlumberger

Forward-looking statements

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. The forward-looking statements speak only as of the date of this press release. Neither TGS nor Schlumberger undertake any responsibility or obligation to update or alter such 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 further information, contact:
         
         Investors and Media
         
         Sven Børre Larsen
         TGS, Chief Financial Officer
         Tel: +47 90 94 36 73
         sven.larsen@tgs.com
         
         Will Ashby
         TGS, VP HR & Communication
         Tel: +1 713 860 2184
         will.ashby@tgs.com
         
         
         Investors
         
         Simon Farrant
         Schlumberger Limited, Vice President of Investor Relations
         Joy V. Domingo
         Schlumberger Limited, Manager of Investor Relations
         Tel: +1 713 375 3535
         investor-relations@slb.com
         
         Media
         
         Susan Ganz
         Schlumberger, Public Relations Manager-Western Hemisphere
         Tel: +1 713 939 2997