The Ministry of Petroleum and Energy yesterday announced the award of new licenses in the 22nd Licensing Round on the Norwegian Continental Shelf.
Based on these awards, EMGS expects to realize uplift revenues of approximately USD 9 million from data-licensing agreements related to the company’s multi-client library in the Barents Sea. The uplift revenues are subject to EMGS customers’ formal approval of the awards offered by the Ministry of Petroleum and Energy.
“We are very pleased with the results of the 22nd licensing round and see significant late-sales potential owing to our extensive and well-positioned data library in the Barents Sea,” said Roar Bekker, CEO of EMGS.
EMGS, the marine EM specialist, 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.