Seismic Data Release Agreement

The most important aspect of GW for most companies dealing with licensed seismic data is that the document will have an inevitable influence on how the transaction is carried out with licensing. These effects will be positive in many ways. Ethical issues are clearly resolved by reference to GW as the industry standard. The simplicity of a GWG would also significantly reduce the duty of care required in the event of a merger or acquisition. By limiting the number of documents that need to be verified to determine whether restrictions or business costs would occur during the merger or acquisition, the potential for unpleasant surprises should be reduced. There are many other less frequent or less important problems that can still cause bereavement, which are not covered by most existing licensing agreements. The status quo is no longer acceptable and if the Canadian oil and gas industry fails to resolve this situation, we will have one for ourselves; Perhaps a takeover of the U.S. economic model, or a model that will be created in the justice system. The release of the data was welcomed by Deirdre Michie, Chief Executive officer of Oil and Gas UK. She said: “We welcome the news that the Oil and Gas Agency has made public the considerable volume of seismic data from UK government-funded surveys. This is an important step in joint efforts to restart exploration activities on the UK Continental Shelf (UKCS). The OGA publishes the data through the UKOilandGasData.com portal, the joint data management service in the sector operated by Common Data Access (CDA), a subsidiary of Oil and Gas UK.

“The updated document allows companies to comply with data sharing rules,” says Paul Dymond, Chief Operating Officer of Oil and Gas UK. “It will also help improve the voluntary process between industry and BERR to encourage companies to submit seismic data to the National Hydrocarbons Data Archive (NHDA) after a specified period of time. The NHDA then publishes this archived data to be made available to others exploring the province at a lower cost.┬áThe first step of the CSEG MLA committee was to agree on the broad principles that would guide the construction of the document. The first principle was balance. Licensees, data owners and licensees, the parties that acquire the licenses, have specific requirements. These needs were well represented by the GWG committee, which is comprised of a wide range of sectors. The second principle was clarity. The GWG Commission acknowledged that the current lack of clarity, coupled with an over-reliance on industry practice, has left a legal minefield within the geophysical industry in most existing licensing documents.

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