Seismic contractor ION Geophysical has announced a new 2D multi-client program offshore Grand Banks in Newfoundland, Canada.
In the first phase, ION plans to acquire around 10,000 kilometers of data. ION expects to sanction the second phase of around 5,000 kilometers of data further south in 2019.
ION said the industry-supported program was designed to investigate the architecture, evaluate the petroleum potential of proven basins and understand the geologic differences between producing and non-producing areas.
ION expects acquisition to begin this summer with initial deliverables available in 3Q 2018.
“There has been a significant amount of oil and gas activity offshore northeast Canada for some time,” said Joe Gagliardi, Senior Vice President of ION’s E&P Business Development group.
Gagliardi added: “However, exploration efforts to date have been fragmented, with a limited understanding of small geographic areas. This program is designed to understand on a regional scale differences between basins in the area and why some exploration wells were successful and others were not. This kind of information provides E&P companies with new insights to more cost-effectively explore and develop acreage in this area.”