Iraq Boosts Getech Sales

British oil exploration data group Getech told the Yorkshire Post on Monday that sales from its Iraq service had risen to over $750,000 since December.

The Leeds-based firm said it had received an order for more than $500,000 and its full reprocessed and integrated data sets have been available for general sale to the oil industry since the end of June.

The company, which was spun out of the University of Leeds, sells complex geological and geophysical data to help oil companies including Shell, BP and ExxonMobil decide where to sink new wells.

Based in Leeds, England, the company has grown to more than 40 staff, of whom in excess of 35 are technical, having specialist skills covering a wide range of geoscience disciplines. It also has a subsidiary in Houston, Texas which operates primarily as a marketing entity.

The Company originated as a spin-out from the University of Leeds, and since it started trading in 1986 has acquired the largest commercially available library of global gravity and magnetic data – it currently has data from almost every country in the world.

In December it announced it had signed an exclusive marketing agreement in Erbil with the Geological Survey of Iraq. Iraq is reported to have the fourth largest oil reserves in the world.

Professor Derek Fairhead, president and founder of Getech, said:

The agreements that were signed in December 2010 took Getech more than give years to complete. We believe the immediate interest in these data and subsequent confirmed sales reflect the strong international interest both in oil exploration in Iraq and in the data we are able to provide. Thus we have grounds to believe that there will be substantial revenue generated from these data in the coming months.

(Sources: Yorkshire Post, Getech)

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