ION Geophysical Corporation (IO) started the month with announcement of a 3D new acquisition multi-client program. The program will especially be focused on the southern North Sea.
The United Kingdom Continental Shelf (UKCS) is the region of waters surrounding the United Kingdom, in which the country claims mineral rights. In that prolific offshore region, there are some underexplored areas with the Mid North Sea High (MNSH) also among them. But a recent well in that region not only confirmed new plays in recent years but also highlighted the need to explore more of that area. Currently there is limited 3D data available for that area. That provides a unique opportunity to imaging companies to image the same in high resolution for exploration companies. Imaging of the entire area will help them to assess hydrocarbon potential of their future projects.
ION will acquire most of the survey data available for approximately 11,000 sq km area which the respective industry also supports. The company will make that acquisition completed by next summer. On the other end, company has already started initial phase of the program to complete it by the end of the 2021season.
For the initial acquisition, ION is pleased to select Amazon Warrior of Shearwater GeoServices. ION has demonstrating imaging capabilities while Shearwater holds modern acquisition technology with unparalleled capabilities of offering services. Joining the capabilities of both companies will result in delivering of a high-quality product. And that is the need of all its clients as they seek data to explore opportunities in this attractive new field.
Joe Gagliardi, Senior Vice President of ION’s Ventures group said that the MNSH is area which is closer to shore and with existing infrastructure available there. This makes the area more attractive to existing as well as new players for having low development costs.
U.K. Oil and Gas Authority is likely to be awarding blocks soon through its 32nd U.K. Offshore Licensing Round. And the data will be of key value for those block work commitments.