Ganoub El Wadi Petroleum Holding Company (Ganope) awarded WesternGeco Schlumberger and TGS a $720m contract for geophysical data in Ganope’s concession areas, reported Trade Arabia.

The new awarded contracts are planned to be signed within two months, Ventures on Site informed, citing Ganope’s Manager of Exploration, Moustafa Abdel Ghaffar.

According to the contract, TGS will be responsible for collecting the geophysical data from the Western Desert’s concessions at $50m during the first phase. 

International firms will pay the investments, Abdel Ghaffar pointed out. The winning companies will provide data in exchange for revenues as well as a share paid to Egypt. Hence, exploration is expected to result into large revenues.