EMGS Inks 3D EM Contract with PEMEX

Electromagnetic Geoservices ASA (EMGS) has today signed a contract worth USD 99.8 million with PEMEX, one of the world’s largest national oil companies.

“PEMEX has truly realised and taken full advantage of the game-changing potential of 3D EM, and has become one of the world’s most advanced users of our technology,” says Roar Bekker, CEO of EMGS.

PEMEX embraced 3D EM technology following an extensive exploration programme in the last several years, which covered an extensive area of 3D EM data over various drilling prospects in the Gulf of Mexico. This campaign confirmed EM’s ability to improve prospect evaluation at a portfolio scale.

PEMEX said: “We have over the last few years reinvigorated our exploration organisation and embraced technologies that give us an advantage. This has resulted in a boost in our reserve replacement ratio and 3D EM data has been an important part of our recent exploration success.”

As previously communicated, it is expected that 3D electromagnetic (EM) data acquisition will start in early September 2013, following mobilisation of the vessel BOA Galatea in the second half of August.

Press Release, July 10, 2013; Image: EMGS