TGS-NOPEC Awarded 2D Seismic Contract Offshore Spain

TGS-NOPEC Geophysical Company ASA announced the start-up of a new non-exclusive 2D seismic survey offshore Spain. The 2800-km project, located in the southern part of the Gulf of Valencia, is a joint TGS-NOPEC/Fugro Geoteam program. The MV Geobaltic is acquiring the new seismic data with a 6000-meter streamer. Following processing in Fugro Geoteam's processing center in Oslo, final data will be available to the oil companies during the first Quarter of 2002.

The new project commences just as TGS-NOPEC is completing acquisition of its previously announced Cantabrian Sea project offshore northern Spain.

To complement the new seismic data, TGS-NOPEC will also acquire a new 22,000-km aeromagnetic survey covering a larger area in the Gulf of Valencia.

Both the seismic and aeromagnetic projects are heavily pre-funded.