Seismic survey project
SEITEL Inc, a US exploration company, has entered into a 50/ 50 joint venture agreement to carry out seismic surveys off the west coast. It has joined forces with Spectrum Energy and Information Technology, a private geophysical company, to survey 5,000 miles of two dimensional data.
The data, said Seitel, would provide it with the geophysical information fundamental to the exploration and the development of crude oil and natural gas. The surveys are expected to be complete this year, ahead of next year's licensing round.