CGGVeritas Signs R&D Agreement in Western Australia

CGGVeritas has signed a research and development agreement with the Western Australian Energy Research Alliance (WA:ERA), a prominent oil and gas research alliance within the Asia-Pacific region.

CGGVeritas signed the agreement with the three partners that form the Alliance: the University of Western Australia, CSIRO (Commonwealth Scientific and Industrial Research Organization), and Curtin University of Technology, on 6 August in Perth, Australia.

The agreement defines a framework to support the rapid identification of opportunities for research, development, consultancy, education and commercial application of advanced geophysical technologies in the search for, and optimum exploitation of, energy resources. The framework provides formal guidelines for planning, agreeing and executing individual R&D projects once they have been identified.

As the first geophysical company to sign this kind of partnership with the WA:ERA, CGGVeritas will act as a focal point for exploring new topics for collaborative geophysical R&D projects.

The agreement will be of mutual benefit to all parties by maximizing the success of these projects in addressing regional E&P challenges, extending their scope, and adding value to a wider field of application.

At the signing ceremony, Thierry Le Roux, President & COO of CGGVeritas, said, "We are very pleased to partner with this unique alliance. We have a long operating history here in Western Australia as well as in the wider Asia-Pacific region, and it is one of our strongest growth areas. Our R&D commitment in the region needs to mirror this trend. We believe our investment in this agreement will pay significant dividends by enriching both our global and local research to ensure, along with our alliance partners, that we can best meet the needs of the industry today and well into the future."