EMGS expects revenue hike following Norwegian offshore block awards

Norwegian geophysical services company Electromagnetic Geoservices (EMGS) is expecting an uplift in revenues following the latest license awards offshore Norway.

To remind, the Norwegian Ministry of Petroleum and Energy announced on Tuesday announced the award of 75 new production licenses in the North Sea, Norwegian Sea, and the Barents Sea to 34 companies as part of the Awards in Pre-defined Areas (APA 2017).

Of the 75 production licenses, 45 are in the North Sea, 22 in the Norwegian Sea and 8 in the Barents Sea. Twenty-two of the production licenses are additional acreage for existing production licenses.

Also, of the 39 companies that submitted applications, 34 will be offered ownership interests in at least one production license.

EMGS said on Wednesday that, based on the offered awards, the company expects a net uplift in revenues of approximately $1 million from data-licensing agreements related to the company’s multi-client library.

The company added that the uplift revenues, subject to the company’s customers’ formal approval of the awards offered by the MPE, would be recognized in the first quarter of 2018.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Annual Ghana Summit 2018

The 8th Annual Ghana Summit took place 22 – 23 June 2017 and was a huge success…

read more >

25th Anniversary International Caspian Oil & Gas Conference

In 2018, the largest oil and gas event in the Caspian Region – the Caspian Oil & Gas Exhibition and Conference Incorporating Refining…

read more >

7th Oil and Gas Kenya 2018 Products & Eqpt. Exhibition in Africa

The 07th Oil & Gas Africa – Int’l Trade Exhibition, 29 – 31 May, 2018, is a hub for key players in the oil and gas…

read more >

FPSO Brazil Congress 2018

This is the first and only conference dedicated to the entire lifecycle of the Brazilian FPSO industry…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply