Loyz Energy (formerly Sim Siang Choon): has inked a strategic agreement with Geo East that will give it access to acquire and process seismic data for both its existing and prospective O&G concessions.
Geo East is a subsidiary of the seismic division of CNPC, the parent of PetroChina.
Through this agreement, Loyz will offer a right of first refusal to Geo East to acquire and process seismic information from concession areas it owns or has identified. Any seismic acquisition programmes will be conducted under separate, individually negotiated service agreements.
Loyz already has a separate agreement with Rex Oil & Gas to jointly explore 35 areas across Asia-Pac using Tex’s technologies. Loyz plans to apply Rex proprietary technologies to the results of the seismic data acquired by Geo East and assess the potential O&G resources in its concession before drilling.
Loyz recently expanded its concessions portfolio beyond India by acquiring a majority interest in a petroleum exploration permit (PEP) in Australia, as well as signing an MOU to purchases an interest in a PEP in New Zealand.
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