Electromagnetic Geoservices (EMGS) announced today that it has received additional industry pre-funding for its extensive multi-client electromagnetic (EM) scanning survey in the Barents Sea, ahead of Norway's 20th exploration licensing round.
The total program now stands at 5600 km2, or 18 blocks, but could be expanded subject to additional commitments. There are a total of 30 Barents Sea blocks currently scheduled to be in the round pending official notification by the Norwegian Petroleum Directorate (NPD).
This interest, and subsequent monetary commitment from the oil companies, is particularly welcomed ahead of the long anticipated final clarification from the NPD.
The EM scanning program will reveal valuable information related to the prospectivity of the survey areas, which will give potential bidders a competitive advantage during the licensing round, and will help to target their exploration resources more effectively following a successful bid.
Contacts
Terje Eidesmo, EMGS chief executive officer +47 73 56 88 10
Svein Knudsen, EMGS chief financial officer +47 22 01 14 00
Carl Hutchins, EMGS vice president multi-client group +1 713 819 4883
About EMGS
EMGS is the market leader in deep electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS' customers to dramatically improve their exploration performance in frontier and mature provinces.
EMGS employs over 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world's largest EM vessel fleet, and has conducted more than 300 surveys for many of the world's leading energy companies.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com