Iraq boosts Getech sales

The Leeds-based firm said it had received an order for more than $500,000 and its full reprocessed and integrated data sets have been available for general sale to the oil industry since the end of June this year.

Getech, which was spun out of the University of Leeds, sells complex geological and geophysical data to help oil companies including Shell, BP and Exxon Mobil decide where to sink new wells.

In December it announced it had signed an exclusive marketing agreement in Erbil with the Geological Survey of Iraq.

Today it said sales since December 20 had reached more than $750,000. Iraq is reported to have the fourth largest oil reserves in the world.

Professor Derek Fairhead, president and founder of Getech, said: “The agreements that were signed in December 2010 took Getech more than give years to complete. We believe the immediate interest in these data and subsequent confirmed sales reflect the strong international interest both in oil exploration in Iraq and in the data we are able to provide. Thus we have grounds to believe that there will be substantial revenue generated from these data in the coming months.”