ASKER, NORWAY (19 June 2013) - TGS in partnership with Electromagnetic Geoservices ASA (EMGS) have signed an agreement to jointly invest in a 3D electromagnetic (EM) multi-client survey covering 11 blocks, or approximately 3300 km2, in the Hoop area of the Barents Sea.
The 3D EM data is being acquired by the M/V Atlantic Guardian. Data will be available to clients through both EMGS and TGS. The survey is supported by industry funding.
Under the terms of the previously announced agreement, EMGS will be given access to TGS' 2D seismic data for survey planning and integration purposes, while TGS will obtain access to 3D EM data to evaluate and plan subsequent multi-client work over the area.
"TGS and EMGS are pleased to now join forces in the Barents Sea," commented Stein Ove Isaksen, Senior VP Eastern Hemisphere for TGS. "Both companies have a strong track record in this area and several case studies have shown the value of integrating EM and seismic data to reduce exploration risk and identify new hydrocarbon prospects. This project represents a strong start to our previously-announced cooperation agreement."