The European Commission approved thecreation of a joint venture between France's Compagnie Generale de Geophysique SA, CGG,and Wood Mackenzie Limited for oil and gas exploration, the Commission announcedMonday.
"CGG manufactures geophysical equipment and provides geoscience services to customers primarily in the oil and gas exploration business. Wood Mackenzie provides data and market intelligence to companies operating in the oil, gas, coal, carbon, metals and power generation markets," the statement revealed.
The joint venture, which was approved by the European Commission underthe EU Merger Regulation, willdevelop and sell software for evaluation of the likely value of undeveloped oil and gas resources, the commission stated.
The Commission also underlined that the proposed acquisition would not raise competition concerns, because of the moderate combined market positions resulting from the transaction.
(Anadolu Agency)
