TGS starts seismic acquisition in Barents Sea

OSLO, June 29 (Reuters) - Norwegian seismic surveyor TGS (TGS.OL) has started acquisition of a new multi-client 3D survey in the Barents Sea, the largest conducted by TGS on the Norwegian continental shelf, it said on Monday.

The survey will cover a 4,300 square kilometre area over the Hoop Fault complex, TGS said, adding that it had "substantial client prefunding".

"Interpretation work that TGS has completed utilizing its existing library, suggests that favourable conditions are present for the occurrence of hydrocarbons in the project area", said Kjell Trommestad, Vice President and General Director of Europe/Russia for TGS in a statement.

Final data products will be available to the industry in the first half of 2010, the company, which supplies seismic surveys to the oil and gas industry, said. (Reporting by Aasa Christine Stoltz; editing by Mike Nesbit)