TGS Begins Major Multi-Client Aeromagnetic Program in Libya

TGS-NOPEC Geophysical Company (TGS) announced that it has undertaken a large scale multi-client aeromagnetic study in Libya. The study is being jointly acquired with Libyan partners AGESCO and NAGECO under an agreement with the National Oil Corporation (NOC) of Libya. This milestone program will be acquired in several phases and will eventually provide data over all petroliferous basins in Libya. The initial phase of the program includes over 250,000 kilometers of data to be acquired in a regional grid and will cover all of offshore Libya as well as several onshore basins. Multiple aircraft will be used simultaneously to acquire the data quickly and efficiently. Data acquisition and processing of the initial phase of the program is expected to take approximately six months.

Upon completion, the aeromagnetic data and interpretation will be used by oil companies for the geological evaluation of new areas for bid rounds and for complementing ongoing work programs in licensed concessions. The data will also be used by NOC for research programs.

The Libya aeromagnetic program is supported by industry prefunding.