Norwegian oil-services company TGS-NOPEC Geophysical Co. ASA (TGS.OS) said Wednesday that it and Schlumberger Ltd. (SLB) are starting a new seismic project to explore hydrocarbon potential in the Red Sea off of Egypt.
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The project is aimed at improving subsurface understanding of the unexplored offshore Egyptian Red Sea area, which offers growth opportunities for oil companies, TGS said.
The project--which is part of an agreement between TGS, Schlumberger and Egypt's Ganoub El-Wadi Petroleum Holding Company--will comprise the acquisition of a multi-client seismic survey, the Norwegian company said.
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(END) Dow Jones Newswires
December 20, 2017 10:18 ET (15:18 GMT)