EMGS sells Flemish Pass Basin data to oil ‘major’

  • Business & Finance

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.

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