CGG : Tanzania Petroleum Development Corporation (TPDC) Awards CGG Airborne Gravity Gradiometer surveys

PARIS, July 21, 2015 (GLOBE NEWSWIRE) -- CGG announced today that it has been awarded a contract by the Tanzanian Petroleum Development Corporation (TPDC) to acquire high-resolution gravity gradiometry and aeromagnetic data over two onshore areas along the South-Eastern Tanzanian Coastal Basin and the eastern arm of the East African Rift.

Acquisition over a total area of 30,000 sq km will commence in mid August 2015 and is scheduled to last up to two months. Using the industry's lowest noise Gravity Gradiometry, FALCON®, CGG will deliver high-resolution data and interpretation to help evaluate the hydrocarbon potential of these basins ahead of future licensing rounds.

Tanzania has already established itself as a highly prospective hydrocarbon province in East Africa with a series of significant discoveries offshore and CGG is excited to be part of this next phase of TPDC's exploration of the onshore basins. This survey will benefit from the experience gained through the completion of many projects throughout Africa using the most advanced technologies available in the industry

Greg Paleolog Senior Vice President CGG Multi-Physics, said: "CGG is delighted to work with TPDC to improve understanding of the structure of these basins and to assist in the identification of suitable areas for future seismic acquisition. With the selection of our FALCON service, we can ensure that TPDC and potential operators will have the best quality data and interpretation products ahead of the proposed licensing round.."

"We know that there have been significant discoveries in the Kenyan and Ugandan parts of the Rift Valley, and there may well be undiscovered oil or gas reserves on Tanzania's side" Dr. Mataragio, the Managing Director of TPDC explains. "The two-month-long basic Airborne Gravity Gradiometer survey is imperative given the significant reserves discovered in similar geological settings in Kenya and Uganda. The promotion of our blocks is part of TPDC's core business and this exploration effort will add value and attract investors."

Early this month the Parliament of the United Republic of Tanzania passed a new Petroleum Bill, which will be signed soon. Under the new Petroleum Bill, TPDC is now lawfully recognized as a National Oil Company (NOC). The NOC will participate fully in Exploration and Production of Oil and Gas and this campaign in particular signifies the commercial commencement of NOC in E&P activities in Tanzania.

About CGG

CGG ( ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.

CGG employs over 8,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG)


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Source: CGG