ASKER, Norway – TGS-NOPEC Geophysical Co. (TGS) has signed a letter of intent (LOI) with SeaBird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months. The LOI gives TGS priority rights to the vessels, subject to the issuance of seismic acquisition permits for the offshore waters of Mexico.
In December 2013, Mexico's Congress gave final approval to a historic energy reform bill that ends the 75-year state monopoly of the country's oil and gas industry and invites foreign investment.
“The publicly announced legislative changes will allow for outside investment in exploration projects in Mexico, including geophysical surveys,” said Rod Starr, TGS senior vice president for the Western Hemisphere. “TGS is prepared to acquire a regional 2D program as soon as regulations are in place and permits are in hand.”