TGS and EMGS expand Barents Sea cooperation

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

Currently, TGS has a 30% ownership in the multi-client EM data over 17 blocks in the Hoop area. The agreement will be expanded with 4 new blocks in the Hoop area and 14 blocks in the southeastern area of the Barents Sea. TGS will take a 50% ownership in the EM data over all the new 18 blocks.

“The expansion of this agreement further confirms the value of integrating 3D EM data with seismic data to reduce risk and discover more in the Barents Sea. The joint sales and marketing efforts will result in broad market exposure of our EM data,” says Roar Bekker, CEO of EMGS.

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

EMGS will shortly commence acquisition of 3D EM data in the southeast area of the Barents Sea. The vessel Atlantic Guardian will acquire the data in the southeast area. The full survey has a planned duration of 4 months and is supported by industry funding.