TGS-NOPEC Q1 2004 Update

Based on preliminary reporting from operating units, TGS-NOPEC expects its net revenues for the first quarter of 2004 to be approximately 5-6% lower than the corresponding figure reported for Q1 2003. This revenue level is lower than quarterly estimates certain analysts following the Company have issued. Because the timing and scale of late sales from the Company's library is difficult to predict on a short-term basis, TGS-NOPEC does not issue quarterly guidance. Management continues to expect an annual growth rate in net revenues for the full year 2004 of approximately 15%.

The full 1st Quarter earnings release is scheduled for May 6th, 2004.