"Aker Exploration has secured exclusive electromagnetic Seabed Logging of exploration prospects on the Norwegian Continental Shelf. This technology increases the probability of drilling successful wells and boosts our competitive advantages," said Aker Exploration President and CEO Bard Johansen.
Aker Exploration is an offshore exploration company with a difference. The company that swaps drilling for ownership interests in field licenses, is continuing to build up reservoir expertise. Appraisal tools include emgs to optimize the company's drilling program and Aker Exploration has entered into a long-term drilling contract for the world's most advanced drilling rig.
"The combination of an ultra-modern rig, 3D seismic data, and our new, close cooperation with emgs, the world's leader in Seabed Logging, makes Aker Exploration even stronger," said Johansen. "By implementing new technology in an innovative manner, we increase the likelihood of locating commercially viable reservoirs."
Offshore field survey and interpretation work by emgs for Aker Exploration will begin in May 2007. The results will be used in choosing the best drilling prospects and prioritizing exploration areas in license applications on the Norwegian continental shelf.
Seabed Logging " "The contract with emgs is commercially attractive; it gives us a tool that will reduce uncertainty associated with our exploration drilling on the Norwegian continental shelf," added Johansen.
Headquartered in Trondheim, Norway, Electromagnetic Geoservices (emgs) has developed and proved the world's most advanced Seabed Logging (SBL) technology and methods for identifying potential hydrocarbon resources in subsea geological structures using a powerful, towed electromagnetic source and seabed-mounted detectors. emgs is the worldwide market leader in SBL surveys.
Aker Exploration's first contract with emgs covers survey and interpretation work in 2007; the contract amount is USD 37.5 million. Aker Exploration holds options for four one-year extensions of the contract with emgs. These options are for the first purpose-built Seabed Logging vessel that emgs will operate; currently under construction, the ship will enter service in March 2008.
"If Aker Exploration avoids drilling a dry well because of seabed logging technology, we have justified the cost of the emgs contract," concluded Johansen.
Aker Exploration will participate actively in future licensing rounds on the Norwegian continental shelf.
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