Electromagnetic Geoservices ASA (EMGS) has entered into a partnership agreement with La Administración Nacional de Combustibles, Alcohol y Portland ("ANCAP"). ANCAP is the regulating authority for oil and gas exploration in Uruguay. It is ANCAP's intention that the licensing of EM data will count as working units for the exploratory work program commitment in the upcoming license bid round in 2015.
"This agreement confirms the strong commitment from ANCAP related to the oil companies' use of EM data in their exploration workflow in this region. It also expands our opportunities in Uruguay for the years to come," says Roar Bekker, CEO of EMGS.
The Uruguayan continental shelf has over the last years been established as a major area for exploration activity, attracting major international oil and gas companies. Several large seismic programs have recently been conducted. In the public licensing round arranged by ANCAP two years ago, a major international oil and gas company won the right to explore more than 13,000 km2 by committing to acquire seismic and 3D EM over the entire area.
Contacts
Roar Bekker, EMGS chief executive officer, +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer, +47 73 56 88 10
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com