Electromagnetic Geoservices ASA (EMGS) has been awarded a contract with a new customer to perform its Clearplay Evaluate service to appraise a hydrocarbon prospect. The contract, which will be formally executed during the next days, is worth approximately US $10 million. The electromagnetic (EM) survey will commence in September.
EMGS has also been awarded several smaller contracts worth in total US $10 million by customers in Norway. A majority of these stem from a satisfying initiation of the Late Sales phase of the Barents Sea multi-client 3D EM project.
Terje Eidesmo, EMGS CEO, commented, "We are pleased that so many companies are seeing the value of our
The Clearplay Evaluate data will be acquired using densely sampled, wide-azimuth 3D EM grids. The service, which integrates 3D seismic and other information, will improve the estimation of hydrocarbon volume and distribution.
"EM data from our Clearplay Evaluate service can reduce the number of appraisal wells drilled, thereby producing substantial cost savings for operators. The service significantly improves the speed and accuracy of prospect appraisal and enables the operator to establish, with greater certainty, whether the prospect contains commercially viable reserves," continued Eidesmo.
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