Getech cashes in on South America’s search for oil

The group, spun out of the University of Leeds in 2000, said that since the start of February it has received orders worth more than $550,000 (£344,000) for its South American data, services and studies.

Getech provides complex geological and geophysical data to help oil companies such as Shell, BP and Exxon Mobil to decide where to sink new wells.

Ian Somerton, Getech’s marketing director, said: “The increased sales in South America appear to reflect a combination of timely studies being available, increased exploration activities due to the high oil prices, and the uncertain political situation that exists in North Africa.

“We believe that when the next Brazilian licensing round is announced, which is expected to be later this year, the interest in our products and services will increase.”

Getech has extensive South American gravity data and has worked there since 1988. It has been acquiring data in Argentina, Brazil, Chile and Paraguay since 1991.

It completed a study of the geodynamics and petroleum geology of the Equatorial Atlantic margins in 2010 and said it has sold well.

Getech is due to report interim results tomorrow.