(Kazakhstan)- Veritas Caspian LLP, a joint venture company between Veritas DGC Limited and Kazmorgeophysica CJSC, has concluded an exclusive agreement with the Ministry of Energy and Mineral Resources of Kazakhstan for the acquisition of non-exclusive seismic data over the entire open acreage of the Kazakh sector of the Caspian Sea.
Officially named the "State Geophysical Survey of the Republic of Kazakhstan" the Kazakhstan data library project will be the core focus of Veritas Caspian's activities. The company reports that it has the infrastructure, financial resources and support facilities to meet the challenges of the operation.
Elwyn Jones, vice-president of Veritas DGC, commented, "Veritas Caspian is delighted to have been selected by the Ministry of Energy and Mineral Resources to join with it in this strategically important initiative to help accelerate the realization of the hydrocarbon potential of the Kazakh sector of the Caspian Sea."
Veritas Caspian president Kerry Doyle stated, "The non-exclusive data library concept has proven to be a powerful tool for government bodies to attract investment within their respective oil and gas sectors. It is highly cost effective and, when coupled with a well organized and robust licensing regime, is enormously attractive to the international oil and gas industry."