OSLO (Thomson Financial) - Norwegian seismic explorer TGS-NOPEC Geophysical said it and Global Geo Services ASA have entered into a 50-50 joint venture in the Gulf of Mexico.
It said the agreement concerns a 28,000 km multi-client 2-D survey located in the Central Gulf of Mexico planning area known as '181 South'.
'The project is supported by prefunding from several oil companies,' TGS said in a statement. No financial details of the prefunding were released.
Both TGS and GGS will combine acquisition resources to complete the recording of the survey in January 2008.
GGS will receive 3.1 mln usd from TGS as part of the agreement. patrick.mcloughlin@thomson.com pm/slm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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