Electromagnetic Geoservices ASA (EMGS) has today entered into a data-licensing agreement worth approximately USD 8 million with an oil and gas company, in which the customer will gain access to EMGS's entire 3D EM multi-client data library on the Norwegian Continental Shelf (NCS).
The agreement includes pre-funding of the ongoing Barents Sea multi-client program and late-sales of previously acquired 3D EM data, excluding data previously licensed by the customer and future EMGS multi-client projects. In addition, the agreement contains an uplift model whereby EMGS will receive an undisclosed sum if the customer is awarded blocks in future licensing rounds in Norway.
"More and more customers are seeing the value of integrating 3D EM data over an extensive area with seismic and other subsurface measurements. This portfolio approach not only enhances geological basin understanding and reduces drilling risk, it has also proven to generate new leads that would not have been identified using traditional exploration tools alone," says Roar Bekker, EMGS chief executive officer.
EMGS's data library in the Barents Sea will upon completion of this year's program cover 22,000 km2, or 69 blocks.
Contacts
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
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 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.