Electromagnetic Geoservices ASA (EMGS) has entered into a partnership agreement with La Administración Nacional de Combustibles, Alcohol y Portland (“ANCAP”).
ANCAP is the regulating authority for oil and gas exploration in Uruguay. It is ANCAP’s intention that the licensing of EM data will count as working units for the exploratory work program commitment in the upcoming license bid round in 2015.
“This agreement confirms the strong commitment from ANCAP related to the oil companies’ use of EM data in their exploration workflow in this region. It also expands our opportunities in Uruguay for the years to come,” says Roar Bekker, CEO of EMGS.
The Uruguayan continental shelf has over the last years been established as a major area for exploration activity, attracting major international oil and gas companies. Several large seismic programs have recently been conducted. In the public licensing round arranged by ANCAP two years ago, a major international oil and gas company won the right to explore more than 13,000 km2 by committing to acquire seismic and 3D EM over the entire area.
Press Release, April 30, 2014