TGS Nopec Geophysical wins Latvian oil prospecting licence

29-03-02 The Latvian Economy Ministry has decided to award Norway's TGS Nopec Geophysical Company a licence to prepare seismic data of Latvia's shelf in the Baltic Sea. Latvia's government launched a licensing tender for initial prospecting for oil in 65 blocks of the country's shelf last April.

TGS Nopec was the only bidder by the deadline on 31 October. The Latvian economy minister is expected to sign the two-year licence on 3 April. The licence comes into effect after the signing and can be extended for a period of up to five years.
The licence will enable TGS Nopec to carry out an initial geological survey to determine whether the territory contains oil but the company will not be allowed to start exploration, drilling or production activities.