Angola rescinds TGS righs to survey

Sonangol has advised TGS that the negotiated right for TGS to acquire multi-client seismic survey programs in Angola has been terminated.

Offshore staff

HOUSTON -- Sonangol has advised TGS that the negotiated right for TGS to acquire multi-client seismic survey programs in Angola has been terminated. TGS says it will continue to work with the Angolan state oil concern to identify future business opportunities in the country.

"While we are disappointed that we will not be working in Angola in the near term, we look forward to being a part of future regional seismic campaigns in Angola," said TGS CEO Robert Hobbs.

However, the company points out that it has industry funding and is positioned to expand its 3D coverage in the Africa Transform Margin region where it plans to conduct multiple surveys with the FugroGeo-Caribbean. This vessel should be available to start the program in late September.

To date the TGS has built a library of more than 20,000 sq km (7,722 sq mi) of multi-client 3D data in the region off Sierra Leone and Liberia.

09/17/2010

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