Electromagnetic Geoservices ASA (EMGS) announced today that it has secured late-sales worth approximately USD 4 million for its multi-client 3D EM data in the Barents Sea, ahead of Norway’s 21st exploration licensing round.
These revenues will be recognised in the third quarter of 2010.
Industry pre-funding and late-sales year-to-date totals approximately USD 10 million, of which USD 6 million were recognised in the second quarter of 2010.
EMGS’s multi-client data library in the Barents Sea covers more than 16,000 km2 of workstation-ready 3D EM data that can be integrated with other subsurface measurements for immediate analysis and evaluation of potentially prospective areas. Further sales in the form of late-sales and contractual uplifts are expected.
The Barents Sea is one of the most prospective areas of the world. Discoveries such as the Goliat oil field, the Snøhvit gas field and the StatoilHydro oil find in the Obesum field in Block 7222/6 have generated tremendous interest in the area. The stable political regime and exploration-friendly tax strategy in Norway have attracted 20th licence round nominations from small independents, super majors and potential operators at all levels. EMGS has performed several electromagnetic (EM) surveys in the Barents Sea, and the technique has proved successful in the area.
EMGS, the marine EM market leader, 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.
EMGS has conducted more than 500 surveys to improve drilling success rates across the world’s mature and frontier offshore basins. The company operates on a worldwide basis with main offices in Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
Source: EMGS,October 4, 2010,