Egypt signs $750m geophysical data deals after Saudi Arabia maritime pact

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Egypt’s state-owned Ganoub El-Wadi Petroleum Holding Company (Ganope) has signed Thursday $750 million geophysical data collection deals with U.S. WesternGeco Schlumberger and UK’s TGS for the country’s maritime territories.

The deals will serve Egypt’s plans to launch oil and mineral resources exploration and discovery tenders in new areas located in its maritime territories following the maritime demarcation agreement signed with the Kingdom of Saudi Arabia on April 8, 2016.

Schlumberger will collect geophysical data for Egypt’s maritime territories in Red Sea; while TGS will go for in the open land areas in Upper Egypt.

Ganope has tried to simulate the experience of the Gulf of Mexico, North Sea, and West Africa in terms of data collection, chairman Sherif Sousa said.

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