Cheniere Sells Proprietary Seismic Data Base
Cheniere Energy Inc. has acquired all rights held by Zydeco Energy Inc. to the proprietary data set the two companies developed together in an area covering 230 sq. miles in West Cameron Parish, Louisiana. Walter Williams, Cheniere's vice chairman, said, "Zydeco has elected to redirect its efforts outside the energy business. Under the circumstances, we felt it would be beneficial to both parties for Cheniere to acquire Zydeco's remaining interest in the venture."
Cheniere has also entered into an agreement to sell its West Cameron Transition Zone 3D Survey to Seismic Exchange Inc., a privately owned, full service 2D and 3D seismic data marketing firm. Under the terms of the agreement, SEI will market licenses of the 3D Survey to other exploration companies and Cheniere will receive a share of the net proceeds from such licenses. Cheniere will also retain a license to the data. Williams said, "We will continue to generate prospects on the data set. Our next prospect on the data set, Venus, is currently being marketed to industry. At the same time, our venture with SEI, a premiere seismic marketing and data management firm, will allow us to recover some of our original data acquisition costs."
Cheniere conducts its exploration activities through Cheniere Exploration Group. It has 4 bcf of proved oil and gas reserves, nine prospects of which six are drill ready, developed on a 7,000 sq. mile 3D seismic database offshore Texas and Louisiana. It will now begin to market its 230 sq. mile proprietary database through the arrangement with SEI.