Norwegian geophysical services company, Electromagnetic Geoservices (EMGS), has entered into a data licensing agreement with an undisclosed company for the provision of 3D electromagnetic (EM) data.
EMGS said on Tuesday that the agreement entails sale of a multi-client 3D EM data library over the Flemish Pass Basin offshore Newfoundland, Canada, to a ‘major international oil company’.
The geophysical company added that the total value of the deal was $3.9 million.
Christiaan Vermeijden, CEO of EMGS, said: “We are very pleased with this agreement, which represents a breakthrough for the application of our technology in this region. The offshore basins of Newfoundland are largely underexplored and the use of 3D EM data will aid companies in developing a better understanding of the basin’s complex geological structures and its hydrocarbon potential.”
According to EMGS, the multi-client data of the Flemish Pass Basin was acquired in 2014.