№ 10 (October 2010)
Integra, Schlumberger Seismic Unit Establish Joint Venture
Integra and WesternGeco, a Schlumberger seismic unit, have completed setting up an exclusive joint venture to collect, interpret and process seismic data in Russia, Kazakhstan, Uzbekistan and Turkmenistan both on land and in transit zones. The JV has already begun carrying out successful projects in Russia and Kazakhstan and received orders for this winter.
The joint venture is called IG Seismic Services Limited. Integra, which is managing the new company will own 75 percent of the authorized capital while WesternGeco will own 25 percent. The JV's combined capacity will cover the seismic and interpretation assets and as well as the patented "Q" technology and the Omega computer program to process the data. WesternGeco also transferred Integra $48 million as part of the JV contract.
In announcing the deal, Integra Executive Director Antonio Campo said, "We are very happy that in uniting the efforts of WesternGeco and Integra will have many opportunities open before them. This agreement will make it possible to expand the range of our services and strengthen and consolidate our presence on the market in the seismic sector which is key for us. By attracting personnel and technology from WesterGeco, the new enterprise will make it possible to effectively develop our joint activities.
Joining our centers for processing data n Russia and Kazakhstan will significantly increase our potential for 2010-10-22a interpretation. We are convinced that this is a step forward in the framework of our strategy to enlarge our business in terms of added value and further perfecting our technologies.
Integra is an independent diversified land-based oil field services company and also manufactures equipment for oil and gas exploration and production. The company is present in all of Russia's main oil and gas regions.