After little acquisition activity in 2023, Norwegian firm gets $11.7M contract with Petrobras

Brazilian state-owned oil and gas giant Petrobras has awarded Norway’s Electromagnetic Geoservices (EMGS) with a contract worth approximately $11.7 million to deliver a multi-client survey offshore Brazil.

The contract represents EMGS’ first acquisition project offshore Brazil in almost ten years.

The fully pre-funded multi-client survey is expected to start in late March or early April.

“As 2023 marked a year with little acquisition activity for EMGS, we are very pleased and encouraged by a notable increase in the number of active and mature customer discussions for acquisition projects in 2024,” said CEO of EMGS Bjørn Petter Lindhom.

“Based on these early signals, we are optimistic that 2024 will be a good and active year for EMGS. In addition to this project offshore Brazil, we currently expect that there will be several acquisition projects on the Norwegian Continental Shelf this year.”

Petrobras recently unveiled its new strategic plan for the 2024-2028 period, outlining that oil and natural gas would be given the biggest slice of the $102 billion investment pie. The company said it sees oil and gas as drivers of growth, which will propel and fund the energy transition to greener sources of supply.