TGS-NOPEC Geophysical Company (TGS) has completed acquisition of two new multi-client programs in Somaliland. Offshore, TGS has acquired approximately 5,100 kilometers of 2D seismic, gravity, and magnetic data covering both shallow and deep water areas. Processing and interpretation of the data should be available to clients by the third quarter of 2008. Onshore, TGS has acquired approximately 34,000 kilometers of high resolution aeromagnetic data covering all known Somaliland petroleum basins. The aeromagnetic data is currently in processing and should be available to clients by mid-2008. Both programs have been acquired in cooperation with the Ministry of Water and Natural Resources and are marketed exclusively by TGS.
The Somaliland government has announced its intent to conduct an open bid round later in the year after the data become available. The seismic and aeromagnetic programs being acquired by TGS will provide data needed to define the principle structural elements of the area and allow for the development of leads, plays, and structural highs for further investigation. The area is geologically analogous to Yemen where several oil fields have been discovered to date.
Both programs are supported by industry prefunding.
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