TGS signs LOI for four 2D seismic vessels for offshore Mexico projects

TGS-NOPEC Geophysical Co. (TGS) has signed a letter of intent with SeaBird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months.

Apr 2nd, 2014

Offshore staff

ASKER, NorwayTGS-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.”

04/02/2014

More in Business Briefs