Gulf Oil and Gas accountACCOUNT

23rd Licensing Round Awards Generate Multi-Client Revenues for EMGS

Source: www.gulfoilandgas.com 5/30/2016, Location: Europe

On 18 May 2016, The Ministry of Petroleum and Energy announced the offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf to a total of thirteen (13) companies. All ten licenses are in the Barents Sea, of which three licenses are in the new area in the southeastern Barents Sea.

Based on these awards, Electromagnetic Geoservices ASA (EMGS) expects to realize uplift revenues, net after adjustment for partnerís share of revenues, of approximately USD 9.5 million from data-licensing agreements related to the Company's multi-client library in the Barents Sea.

The uplift revenues, which will be recognized in the second quarter 2016 are subject to EMGS customers' formal approval of the awards offered by the Ministry of Petroleum and Energy.

"We are very pleased with the results of the 23rd licensing round and, in addition to the uplift revenues, we see significant late sales potential owing to our extensive and well-positioned data library in the Barents Sea," says Christiaan Vermeijden, CEO of EMGS.

Reservoir Engineering & Recovery Methods News in Norway >>

United Kingdom >>  9/3/2019 - Apache Corporation has awarded DNV GL a new verification services contract. The contract, which has a primary term of three years, and two one year ex...
United Kingdom >>  8/26/2019 - TechnipFMC plc (FTI) announced its Board of Directors has unanimously approved its plan to separate into two industry-leading, independent, publicly t...

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.