EMGS eyes revenues potential owing to Barents Sea multi-client library

Following the recent award of ten new production licenses offshore Norway, the geophysical services company Electromagnetic Geoservices (EMGS) expects to generate multi-client revenues, owing to its Barents Sea multi-client library. 

To remind, earlier in May, Norway’s Ministry of Petroleum and Energy announced the offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf to a total of thirteen companies.

All ten licenses are in the Barents Sea, of which three licenses are in the new area in the southeastern Barents Sea.

Based on these awards, EMGS said, the company expects to realize uplift revenues, net after adjustment for partner’s share of revenues, of approximately $9.5 million from data-licensing agreements related to the company’s multi-client library in the Barents Sea.

The uplift revenues, which will be recognized in the second quarter 2016, are subject to EMGS customers’ formal approval of the awards offered by the Ministry of Petroleum and Energy, the geophysical company added.

“We are very pleased with the results of the 23rd licensing round and, in addition to the uplift revenues, we see significant late sales potential owing to our extensive and well-positioned data library in the Barents Sea,” says Christiaan Vermeijden, CEO of EMGS.

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 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

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

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