How To Set Up a Dataroom
P. Geoph, P. Geo · 2012
Geophysical data is an asset which is bought and sold within the oil and gas industry. As such, the original acquirers of the data possess “trading rights” derived from its ownership status that acts much like a copyright of a book. In addition, geophysical data can be considered as a competitive asset much like secret information. When dealing with seismic data, both aspects must be considered. Some third party seismic data licensing agreements can be quite liberal and at the same time quite restrictive regarding how a specific data set can be shared in a dataroom setting. Partnered data can also be governed by other industry documents such as a CA, an Area of Mutual Interest (AMI) or a Joint Operating Agreement (JOA). Records management is an essential precursor to knowing what may impact or impede a desire to show geophysical data. Some key questions to ask prior to setting up a dataroom will be discussed in this paper such as: What data ownership classes are involved in describing the asset to be sold? What third party agreements (AMIs, JOAs ) may restrict disclosure? What third party seismic licensing agreements may restrict disclosure? What do these documents say? With respect to geophysical data, what activity will be permitted in the dataroom, an interpretation or a review? Will the visiting party be left alone with a workstation in the room or will someone be driving the workstation for them? How is “direct control” to be maintained?