Offshore seismic company ION Geophysical is extending its previously announced survey program offshore Panama by 50 percent, citing strong client interest and prefunding to evaluate offshore Panama in advance of the anticipated license round.
Offshore Energy Today in August reported on the ION’s 2D multi-client program offshore Panama, the first seismic survey acquired there in approximately 30 years.
Now, according to ION the extension provides more detailed coverage of the Panamanian offshore geology, that will allow E&P companies to evaluate blocks ahead of the expected license round.
Recent exploration success offshore 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, ION explains.
Furthermore, ION says that the expanded program will be approximately 9,000 kilometers and is the only modern data available offshore Panama.
Brian Hanson, ION’s President and Chief Executive Officer, 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 our 3D 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.”