Oslo, Norway, June 7, 2002 -- TGS-NOPEC confirms its recent participation in a bid process for seismic acquisition that was initiated by two oil companies planning to explore the offshore areas of Boujdour and Dakhla in Northwest Africa. TGS-NOPEC was selected from a group of several bidding seismic companies to perform the work. Subsequently, TGS-NOPEC has commenced data acquisition and intends to honor its contractual obligations.    

 

The United Nations Security Council has considered issues surrounding the contracts held by oil companies for the right to explore for hydrocarbons in these areas. These contracts include provisions for acquisition of seismic data. In a letter dated January 29, 2002, from the Under-Secretary-General for Legal Affairs, the Legal Counsel, to the President of the Security Council, the opinion is expressed that the contracts are legal. The letter does express concern regarding potential further development and exploitation of hydrocarbons beyond the scope of the existing contracts. The full text of this letter can be viewed at:

 

 

TGS-NOPEC wishes to clarify that the seismic data will be used by oil company geoscientists as a preliminary means to help determine the probability and location of possible hydrocarbon reservoirs in the area. TGS-NOPEC has no agreement to participate in, or profit from, any exploratory drilling or any production or exploitation of mineral resources of the area.  

 

TGS-NOPEC's previous reference to "Southern Territories" simply reflected the terminology provided by an oil company in the bid documents and was not intended in any way to state a political position regarding the area. The Company sincerely regrets any misunderstanding that this prior reference may have caused. 

 

TGS-NOPEC is a leading global provider of non-exclusive seismic data and associated products to the oil and gas industry. TGS-NOPEC specializes in the planning, acquisition, processing, interpretation and marketing of non-exclusive surveys worldwide.  The company places a strong emphasis on providing high-quality seismic data and the highest level of service to the industry. TGS-NOPEC also offers proprietary seismic acquisition and processing services, as well as gravity and aeromagnetic surveys.

 

TGS-NOPEC is listed on the Oslo Stock Exchange (OSLO:TGS).

 

For additional information about this new release contact:

 

Houston           

713-860-2105   

Nærsnes, Norway

+47-31 29 20 00