EMGS, TGS partner up in Barents Sea

  • Business & Finance

Electromagnetic Geoservices ASA (EMGS) and TGS have agreed to further expand the companies’ cooperation agreement in the Barents Sea.

The companies have agreed to acquire 3D EM data over approximately 10 new blocks in the Nordkapp and Tiddly areas and have a 50% ownership each in the data acquired.

The contribution from TGS related to the new campaign will be booked as a reduction of the carrying value of EMGS existing multi-client library.

EMGS says it expects to start the acquisition, using the vessel Atlantic Guardian, in about two weeks.

According to the EMGS’ press release, the campaign has an expected duration of 2 month and is supported by industry funding.

Data will be available to clients through both EMGS and TGS.

“TGS and EMGS are once again pleased to expand their cooperation in the Barents Sea,” commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS.

“As the 23rd Norwegian licensing round approaches, it is imperative for clients to have high quality, integrated EM and seismic data available.”

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