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.
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.
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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)