HOUSTON – ION Geophysical Corp. has announced an approximate 50% extension to its previously announced program offshore Panama due to strong client interest and prefunding to evaluate offshore Panama in advance of the anticipated license round.
The client-driven survey provides a regional framework typical of BasinSPAN programs to evaluate the geology of the Panamanian offshore, while the new extension provides more detailed coverage that will allow E&P companies to evaluate blocks ahead of the expected license round.
Recent exploration successoffshore Colombia, adjacent to Panama’s Caribbean coast, has created interest among E&P companies in high-quality seismic data to evaluate the hydrocarbon prospectivity on this margin. The expanded program will be approximately 9,000 km (5,592 mi), and is the only modern data available offshore Panama.
Brian Hanson, ION’s president and CEO, said: “Over the last 18 months, we targeted opportunities less dependent on cycle recovery in specific geographic areas and production optimization offerings, and we are seeing these efforts pay off. We launched four new programs this year that met our strict underwriting standards in addition to the continued success of our3D multi-client Campeche reimaging program in collaboration with Schlumberger. We have seen renewed interest in clients underwriting programs in advance of license rounds and to evaluate new discoveries.”