Spectrum has signed an agreement with the Geological Survey of Denmark and Greenland (GEUS) to reprocess more than 7,800km of 2D seismic data offshore the east coast of Greenland.

The data consists of three surveys located between 62° and 72° north and ties many of the wells drilled by Ocean Drilling Program between 1993 and 1995.

A 2007 US Geological Survey of the southern part of the East Greenland rift basins indicated undiscovered oil and gas reserves of 31.4 billion barrels of oil equivalent.

Outcrop data from onshore East Greenland and previous interpretation of the existing offshore seismic data suggested that elements of a working hydrocarbon system could be present in the area covered by the reprocessed data.

The data will be processed though pre-stack time migration and subsequently licensed on a multi-client basis.

Competitive bidding for the area is expected in 2012 and 2013.