During a recent visit in Amsterdam, Minister for Transport and Infrastructure, Joe Mizzi signed an agreement with TGS, an independent geophysical company, for reprocessing of existing geophysical multi-client data and for marketing and licensing the reprocessed data to oil and gas companies.
The reprocessing of geophysical data improves the quality of existing seismic data and enables better promotion of unlicensed acreage.
In this agreement, TGS will be funding all the reprocessing costs and Government can benefit from any revenue obtained through the sale of such reprocessed data to oil companies.
During this visit, Minister Mizzi also attended the Annual Conference and Exhibition organised by EAGE, a professional association for geoscientists and engineers which has a worldwide membership providing a global network of commercial and academic professionals, where he met the EAGE President, Ms Gladys Gonzalez and discussed future participation of Malta in such events.
The 2014 annual conference and exhibition staged the largest geosciences and engineering oriented event of its kind in the world. It has been attended by approximately 7000 participants from oil and gas companies, oil and gas service companies, geophysical companies and academia.
Press Release, June 23, 2014