EMGS sells Norway data to undisclosed customer
Friday, June 29, 2012
Electromagnetic Geoservices ASA of Norway reports that it has signed an agreement with an undisclosed oil and gas company to provide it with access to all of its electromagnetic data of the Norwegian Continental Shelf.
The contract is worth $8m.
Some of the money will be used for the ongoing Barents Sea survey program.
Under the terms of the contract, EMGS will receive an additional undisclosed amount of money 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," says Roar Bekker, chief executive officer of EMGS.
"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."