TGS says it has signed a letter of intent (LOI) with Seabird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months.
The LOI gives TGS priority rights to the vessels subject to the issuance of seismic acquisition permits for the offshore waters of Mexico.
In a separate announcement, SeaBird Exploration said the LOI with TGS included acquiring up to 200,000 km of 2D seismic data in Mexico, starting Q4 2014.
The LOI is subject to the issuance of seismic acquisition permits for the offshore waters in Mexico, as well as securing required prefunding for the acquisition area, Seabird added. The expected contract value is about $US110-115 million.
In December 2013, Mexico's Congress gave final approval to a historic energy reform bill that ends the 75-year state monopoly of the country's oil and gas industry and invites foreign investment.
"The publicly announced legislative changes will allow for outside investment in exploration projects in Mexico, including geophysical surveys. TGS is prepared to acquire a regional 2D program as soon as regulations are in place and permits are in-hand", stated Rod Starr, Senior VP Western Hemisphere for TGS.
The details of the individual projects to be completed under this charter will be announced separately.
