WesternGeco Schlumberger and TGS have won a contract worth $720 million for the collection of geophysical data in open land areas in the South Valley Egyptian Petroleum Holding Company in the Red Sea, a report said.

The contracts will be signed within two weeks, Moustafa Abdel Ghaffar, manager of exploration in the company was quoted as saying in the Daily News Egypt report.

TGS will collect geophysical data in the Western Sahara in land areas with investments in the first phase worth $50 million.

Foreign companies will be paying for the investments, Abdel Ghaffar explained. The specified areas will be on the exploration maps, and the companies will sell the data in exchange for revenues and a share paid to Egypt. Large revenues are expected with the advent of explorations.