Norway’s Electromagnetic Geoservices (EMGS) announced Wednesday that it has signed an agreement with TGS to jointly invest in a 3D electromagnetic multi-client survey program covering 11 blocks (approximately 1,265 square miles) in the Hoop area of the Barents Sea.
The 3D electromagnetic data, currently being acquired by EMGS's vessel Atlantic Guardian, will be sold by both EMGS and TGS. The two firms will split revenues according to their respective investments in the project.
Under the terms of their collaboration, EMGS will be given access to TGS's 2D seismic data for survey planning and integration purposes while TGS will obtain access to 3D EM data to evaluate and plan subsequent multi-client work over the area.
EMGS CEO Roar Bakker commented in a company statement:
"EMGS and TGS recently entered into a cooperation agreement and we are pleased to now join forces in the Barents Sea. Both companies have a strong track record in this area and several case studies have shown the value of integrating EM and seismic data to reduce exploration risk and identify new hydrocarbon prospects. This provides a great starting point for the joint project in the Hoop area."
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