GGS, TGS form JV for deep Gulf acquisition

Offshore staff

HOUSTON -- GGS-Spectrum and TGS-Nopec Geophysical Co. ASA have established a JV for a 28,000-km (17,398-mi) 2D multi-client survey in the eastern Gulf of Mexico. The acquisition is expected to be complete in Dec. 2007, with completion of data processing in 1Q 2008. The data will be processed through pre-stack time and pre-stack depth migration sequences.

GGS will be responsible for acquiring 19,000 km (11,806 mi) of the seismic data with theGGS Atlantic, and process all 28,000 km (17,398 mi) of the data at its Houston office. TGS will acquire the remaining 9,000 km (5,592 mi) and manage marketing and sales for the entire survey.

"Initial lines running all the way from the northern portion of Desoto Canyon to the border with Mexican waters indicate an exciting mix of possibilities regarding source rocks and trapping mechanisms," says Derek Skoyles, president of GGS-Spectrum USA. "We have seen a considerable interest in the northern area through high dollar bids in the recent lease sales – signaling a strong industry demand for data in the south and ahead of future licensing rounds."

10/31/2007