ISLAMABAD, Nov 9: Pakistan and LMK Resources, US, signed here on Thursday an agreement worth $2 million for establishment, management and operations of the Pakistan Petroleum Exploration and Production (E&P) Data Repository.

According to a press release issued here, LMK Resources is an affiliated company of Landmark Graphics, a wholly-owned IIalliburton Company of US. Pakistan is now the 3rd country in the world, after Norway and Brazil, to implement this technology on a government level.

Douglas Meikle, Chief Operating Officer of LMK Resources and G A Sabri, Director General (Petroleum Concessions), Ministry of Petroleum and Natural Resources, signed the agreement on behalf of the company and the government of Pakistan respectively.

Minister for Petroleum and Natural Resources, Usman Aminuddin and the Secretary, Petroleum and Natural Resources, M Abdullah Yusuf were also present in the signing ceremony.

Under the agreement, covering a period of five years, LMK Resources would invest about $2 million on the installation of Landmark‘s PetroBank software and IBM‘s Robotic Tape Library and storage devices.

In this system about 10 terabytes of data will be stored at one place and all the seismic and well leg data will be available online to E&P companies. The project will improve efficiency of geological and geophysical data and enhance the exploration and production efforts of the government.