EMGS Receives Industry Pre-Funding for Large Survey in Barents Sea

Electromagnetic Geoservices (EMGS) announced that it has received industry pre-funding to begin an extensive multi-client electromagnetic (EM) scanning survey in the Barents Sea, ahead of Norway's 20th exploration licensing round. At more than 3000 km2, the survey represents a significant milestone in the adoption of EMGS's proprietary EM scanning technology. The program will be expanded subject to additional commitments.

The EM scanning program will reveal valuable information related to the prospectivity of the survey areas, which will give potential bidders a competitive advantage during the licensing round, and will help to target their exploration resources more effectively following a successful bid.

Terje Eidesmo, EMGS chief executive 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."

Unlike traditional techniques, which rely on seismic surveys to indicate potential reservoir structures, EM scanning technology searches for electrical properties (resistivity) that can indicate the location of hydrocarbons directly. Scanning with EM techniques offers the additional benefit of revealing potential leads such as stratigraphic traps, which are not easily visible on seismic maps. Information derived from EM scanning is displayed as maps and 3D volumes, and is easily integrated with seismic information and geological models. Combining EM techniques with conventional methods enables a faster and more accurate assessment of new blocks, and better exploration decisions.

Related Companies
 Company: Electromagnetic Geoservices ASA (emgs)more info
 - EMGS Confirms Further Staff Cuts (Oct 17)
 - EMGS Confirms Staff Cuts (Apr 14)
 - Norwegian Oil, Gas Survey Firms Report Declining Revenues (Jan 7)

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