Trondheim, 17 October 2007
Electromagnetic Geoservices ASA (EMGS) announced today that Brazil's Agência Nacional de Petróleo (ANP) has, for the first time, included electromagnetic (EM) seabed logging as a valid work item in the minimum exploration work programme commitments for future licensing rounds.
Starting with the upcoming ninth bidding round scheduled for November this year, operators can now include seabed-logging surveys in their exploration work programme commitments. Previously, these work commitments were restricted to more conventional exploration techniques such as seismic surveys.
Terje Eidesmo, EMGS president and chief executive officer, said: "ANP is now the second government petroleum agency to officially adopt seabed logging as a valid exploration technology in work commitment programmes. Norway's National Petroleum Directorate included seabed logging as a compulsory element for certain licenses awarded during its 2005 licensing round for awards in predefined areas.
"With more than 250 seabed-logging surveys completed for most of the world's leading energy companies, we welcome this development with ANP, as it provides further evidence that seabed logging is becoming a mainstream exploration technology. Brazil in particular is an important exploration province to which EMGS is fully committed, and we anticipate that this validation of our technology by ANP will strengthen our business activity in the region."
About EMGS
EMGS is the market leader in the rapidly expanding seabed-logging industry. Seabed logging is a proven exploration technology that uses electromagnetic (EM) energy to find offshore hydrocarbons without drilling wells. Its ability to indicate hydrocarbons directly is enabling EMGS customers to dramatically improve their exploration performance in frontier and mature provinces. The company was formed in 2002, and today employs over 250 people from its three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. EMGS operates the world's largest seabed-logging fleet and has conducted more than 250 surveys for most of the worlds leading energy companies. For more information please visit http://www.emgs.com
Contact
Terje Eidesmo, chief executive officer, EMGS, +47 73 56 88 10