WesternGeco Schlumberger and TGS have won contract for the collection of geophysical data in open land areas in the South Valley Egyptian Petroleum Holding Company in the Red Sea. The two companies will collect the geophysical data in the South Valley Company in the Red Sea with investments worth $720m, according to Moustafa Abdel Ghaffar, manager of exploration in the company. TGS has won contract for the collection of geophysical data in the Western Sahara in land areas with investments in the first phase worth $50m. Abdel Ghaffar explained that the economic feasibility to collect geophysical data is large, especially since Egypt will not be paying anything. The specified areas will be on the exploration maps, and the companies will sell the data in exchange for revenues and a share paid to Egypt.

Source: Daily News Egypt July 09, 2017 15:00 UTC