Electromagnetic Geoservices (EMGS) reported that it will perform an extensive multiclient electromagnetic (EM) scanning survey to search for commercial hydrocarbon deposits in the Krishna-Godavari basin, ahead of India's 7th New Exploration Licensing Policy round (NELP 7). At 2000 km2, the survey is the first of its kind and represents a significant milestone in the adoption of EMGS's proprietary EM scanning technology.
Commencing before the end of January 2008, the survey is fully pre-funded by India's state-owned Oil and Natural Gas Corporation Limited (ONGC). Processed data will be available for licensing to other potential bidders during India's biggest yet auction of offshore blocks, which concludes in April 2008. EMGS will perform the survey in cooperation with India's Directorate General of Hydrocarbons (DGH).
EMGS chief executive, Terje Eidesmo commented, "An increasing number of the world's leading energy companies are turning to our advanced EM imaging technology to improve their exploration performance because of its proven ability to indicate hydrocarbons before drilling. Our unique EM scanning technology is reinventing how operators search for hydrocarbons. Explorers now have a means for rapidly identifying leads and assessing the prospectivity of new license blocks more accurately than previously possible, before bidding or committing significant resources to new ventures. This gives them a tremendous competitive advantage and significantly reduces their exploration risks.
"The project has been fully underwritten, and we are experiencing a high level of interest from other parties. The survey area is extensive, equivalent in size to almost 100 blocks in the Gulf of Mexico. This confirms the popularity of EM scanning as a potent exploration tool and its attractiveness as a multiclient product. We are delighted to expand our ongoing business relationship with ONGC and the DGH, and look forward to extending this new EM business model to other regions in the year ahead," continued Eidesmo.
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