WGP is pleased to announce that the Company’s subsidiary, WGP Survey Ltd, and TGS-NOPEC Geophysical Company ASA (“TGS”), the supplier of multiclient geoscience data products to the Oil and Gas Industry listed on the Oslo Stock Exchange (TGS.OL), have executed a contract to collaborate on a project to jointly acquire and own multiclient seismic data on 10 survey blocks (approximately 500km²) in the Barents Sea recently announced in the 23rd licencing round.
The project, which is expected to mobilise in May 2014 and last up to six months, will include both multiclient and proprietary work. WGP Survey Ltd will be providing the Highres 3D PCable™ system and personnel, while TGS will provide sales and marketing services.
The cost of the project will be shared equally between TGS and WGP Survey Ltd, as will all income from data sales.
A significant proportion of the project costs have already been underwritten by customers with additional sales anticipated both before and after data acquisition. Customers will be licensed the multiclient data on a nonexclusive basis, with no limits on the number of sales that can be made.