During the EAGE in Copenhagen the WGP Group signed a new joint venture (JV) agreement with P-Cable 3D Seismic AS (“P-Cable”) for the commercialisation of new, patented High Resolution 3D seismic technology; the joint venture will trade as WGP Survey Ltd.
The benefits of P-Cable’s new technology includes the ability to produce low cost high-resolution 3D seismic data with rapid deployment and retrieval from small vessels, as well as high production rates (up to 25 sq Km/day) and the ability to acquire data in shallow waters.
With the expertise in operating seismic equipment, as well as the experience in securing data acquisition contracts WGP is the operational and administrative partner of the JV with P-Cable supplying the technology. WGP and P-Cable’s combined capabilities provide an attractive offering for oil and gas exploration and production companies operating on the continental shelf throughout the North Sea and further afield.
Mark Burnett, CEO, WGP Group said: “We are very excited with the joint venture with P-Cable, we believe in the new technology and can only predict exciting times ahead. I like to think that this JV demonstrates our commitment to be at the forefront of new technology and innovation and always focusing on new solutions.”
Frode Eriksen, CEO, P-Cable added: “P-Cable is delighted that WGP has recognised the true potential of the P-Cable 3D Seismic System and look forward to working with WGP in this JV. With WGP’s seismic experience and P-Cables unique knowledge of the system we believe this is a perfect match.”
WGP also announced that the JV has secured its first contract with an agreement to provide seismic data acquisition surveys using the P-Cable 3D seismic technology for Spring Energy Norway AS (“Spring Energy”), a privately owned Norwegian oil and gas exploration, development and production company.
The EAGE supplied the perfect platform to sign the contracts: Representing the WGP Group was Duncan Soukup its Executive Chairman together with both Mark Burnett and James Prior; Representing P-Cable was the company’s CEO Frode Eriksen and company Chairman Ellen Planke, whilst Spring Energy was represented by Chief Geophysicist Tor Veggeland.
Mobilisation for the project commenced on the 12th June 2012 and the programme of work is expected to last for four months.
Duncan Soukup, Executive Chairman, Thalassa Holdings Ltd stated: “I am delighted with the joint venture arrangement with P-Cable which again recognises the technical expertise within WGP and further enhances its reputation as an operator of seismic equipment. This is very exciting news for the Group and involves us directly in the operation and further development of P-Cable’s patented acquisition technology. The entering into the joint venture underlines our intention to promote and develop new technology, and further expand the Group’s seismic offering. I am also pleased that the joint venture has secured its first contract, which we are hopeful will be the first of many as customers seek to take advantage of the JV’s capabilities.”
Source: WGP, June 13, 2012