Under the agreement, GOP said the two companies would work together to develop applications of the trademark-registered Falcon technology for oil exploration, and would jointly own the intellectual property derived.

Falcon is a highly specialised aerial gravity survey technique developed by BHPB and was brought into fruition by Gravity Capital, now called Gravity Diamonds, in 2001. Two directors of Gravity Diamonds, geophysicists Phillip Harman and Nicholas Limb, are on GOP’s board.

GOP chairman Phil Harman said the agreement with BHPB gave his company a unique capability in the oil and gas exploration business.

“It is already bearing fruit through our Jamaica project where we were successful in acquiring the concessions in an international tender,” Harman said.

“We are very pleased to have a relationship with BHP Billiton that not only gives the company access to leading edge technology but also a significant partner in the event of a major discovery.”

Next month, GOP will undertake its first Falcon survey over the little-known Walter Basin, offshore Jamaica. This area has been ignored in the past because previous seismic work has failed to provide a clear picture of the subsurface potential.

The 6000 square kilometre survey will map basin structure and reef distribution in shallow water where there is widespread commercial fishing, GOP said.

Falcon measures minute changes in the earth’s gravity, which can indicate potential petroleum reserves. The system can identify structures missed by other exploration techniques, according to GOP.

The data collected helps prioritise areas for detailed seismic evaluation and also complements interpretation of the follow-up seismic data and depth interpretation, GOP said.