TGS-Nopec Acquires Oil, Gas Data Offshore Greenland

TGS Nopec Geophysical (TGS.OS) Tuesday is acquiring seismic, aeromagnetic and gravity data offshore Greenland as part of its long-term commitment to resolving the geologic challenges and oil and gas potential there.

It's the 10th consecutive year the company has carried out data acquisition in Greenland. The first phase of this year's project has already started, to gather more than 41,000 kilometers of aeromagnetic and gravity data from the Ungava, Labrador region. The data will be made available to participating companies in late 2009.

A further survey of 9,600 kilometers of 2D seismic data will take place off the west coast of Greenland in the Baffin Bay, and will assist in the evaluation of the area ahead of a major bid round in spring 2010 which was recently announced by the authorities.

"TGS continues to strongly believe in the hydrocarbon potential of Greenland," company Chief Executive Robert Hobbs said. The company owns the most comprehensive data base of offshore Greenland, it said.

Company Web site: www.tgsnopec.com

 
-By Elizabeth Adams, Dow Jones Newswires; [phone]; [e-mail]