Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that it has signed an agreement for its second full-scale CSEM well calibration study project in cooperation with Equinor. The revenue associated with this second well calibration study is expected to be approx. USD 1 million over a one-year period.
The objective of these well calibration studies is to provide global learning and experience integrating CSEM data from EMGS’ global multi-client library with seismic- and well data, thereby allowing the Company’s customers to better understand and assess for each opportunity going forward whether and how CSEM should be applied to further de-risk their exploration portfolios.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“We are very excited and proud that another one of our customers has decided to carry out a well calibration study in cooperation with EMGS. Through such a study, Equinor’s own personnel can add to their understanding of, and verify when and how, CSEM provides added value.
We are confident that customers who undertake such a study will achieve an even better understanding of the value of CSEM information, and the added returns and reduced costs which can be achieved when using the product, thereby strengthening their willingness to invest in such information.”
Hege Veiseth, CFO, +47 99 21 67 43
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.
Equinor is an international energy company present in more than 30 countries worldwide, including several of the world’s most important oil and gas provinces. Equinor is the leading operator on the Norwegian continental shelf and have substantial international activities. Equinor is engaged in exploration, development and production of oil and gas, as well as wind and solar power.