Michel Godel who was recently 'let go' by Petroconsulants has founded PetroNews S.A., a new company specializing in petroleum exploration and production information services. Other founder-directors of the Geneva-based concern are Moscow-based financier Amin Mirabdolbaghi, and Gérard Mangold, described as a Swiss trading specialist.

Godel, president of the new company has over 30 years of petroleum exploration experience.

PetroNews will concentrate its activities in the E&P information and consulting business. The new company has hired geologists and geographers with significant experience in this domain and senior consultants of "worldwide reputation".

Many of the new staff are understood to have been ‘downsized’ in the recent IHS Energy restructuring of Petroconsultants. The new company’s business model is familiar, information is to be obtained via local correspondents, state organizations and direct contacts with oil companies.

The data is will be classified, checked and computerized before being delivered to customers online or on

CD-ROM. Services include daily Scouting Exploration & Production reports, Field analyses, and Consulting

Reports. Areas to be covered first are CIS/Central Asia, West Africa and South America. PetroNews services will be fully available as of September 1st 1999.

The database will be set up using a customized version of Stephenson and Associates SApphire

product. SApphire allows the data to be viewed and downloaded using a web browser such as Netscape or Internet Explorer. Clients will have