TGS, EMGS Extend Joint Venture in Barents Sea
- Business & Finance
TGS and Electromagnetic Geoservices ASA (EMGS) have agreed to further expand the Companies’ previous cooperation agreement in the Barents Sea.
TGS will partner with EMGS to acquire electromagnetic (EM) data over four additional blocks in the Hoop area of the Barents Sea to bring its total joint ownership of multi-client EM data in this area to 21 blocks.
In addition the Companies will jointly invest in EM data acquisition over 14 new blocks in the southeastern Barents Sea.
The new 3D EM data will be acquired by the M/V Atlantic Guardian. Data will be available to clients through both EMGS and TGS.
“TGS and EMGS are pleased to expand their cooperation in the Barents Sea,” commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS. “We believe that high quality, integrated EM and seismic data will be very valuable for oil companies participating in the 23rd Norwegian licensing round.”