TGS-EMGS Expand Cooperation

Norway’s Electromagnetic Geoservices (EMGS) and TGS-NOPEC Geophysical (TGS) have agreed to expand the cooperation agreement in the Barents Sea.

TGS will be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway.

The contribution from TGS will be booked as a reduction of the carrying value of EMGS’ multi-client library.

In addition, EMGS reported late sales of multi-client data in Norway.

The above agreements are valued at USD 2 million.

According to the company’s multi-client data library, EMGS in Norway covers 50,000 square kilometers of 3D full azimuth multi-client data in the Barents Sea.

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