Veritas DGC to Open Data Library for Caspian Sea Open Acreage
Veritas DGC Limited, via its joint venture company Veritas Caspian LLP, has concluded an exclusive agreement with the Ministry of Energy and Mineral Resources of Kazakhstan for the acquisition of non-exclusive seismic data over the entire open acreage of the Kazakh sector of the Caspian Sea. Acquisition will commence in 2006 and will be coordinated with a series of forthcoming licensing rounds.
The Kazakhstan data library project, officially named the "State Geophysical Survey of the Republic of Kazakhstan," will be the core focus of Veritas Caspian in this key oil and gas industry growth area. Veritas Caspian has the infrastructure, financial resources and support facilities to meet the challenges of this extensive operation. Veritas Caspian is a joint venture company formed between Veritas DGC and Kazmorgeophysica CJSC, which is a subsidiary of the established offshore support company Caspian Services, Inc. based in Almaty.
Elwyn Jones, Vice-President of Veritas DGC, said "Veritas Caspian is delighted to have been selected by the Ministry of Energy and Mineral Resources to join with it in this strategically important initiative to help accelerate the realization of the hydrocarbon potential of the Kazakh sector of the Caspian Sea".
Kerry Doyle, President of Veritas Caspian stated "The non-exclusive data library concept has proven to be a powerful tool for government bodies to attract investment within their respective oil and gas sectors. It is highly cost effective and, when coupled with a well organized and robust licensing regime, is enormously attractive to the international oil and gas industry".
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