Electromagnetic Geoservices ASA (EMGS) expects to generate revenue from its multi-client library in Barents Sea following the Ministry of Petroleum and Energy’s offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf.
The Ministry of Petroleum and Energy offered ten new production licenses in the Barents Sea to a total of thirteen companies , with three licenses situated in the new area in the southeastern Barents Sea.
Based on the awards, EMGS expects to realize uplift revenues, net after adjustment for partner’s share of revenues, of approximately USD 9.5 million from data-licensing agreements related to its multi-client library in the Barents Sea, the company explained in a press statement.
The uplift revenues are subject to EMGS customers’ formal approval of the awards offered by the Ministry of Petroleum and Energy.
“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,” said Christiaan Vermeijden , CEO of EMGS.