ION to Launch New 2D Multi-Client Program Off Canada
- Business & Finance
ION Geophysical has announced a new 2D multi-client program offshore Grand Banks in Newfoundland, Canada.
In the first phase of GrandSPAN, ION will acquire approximately 10,000 kilometers of data with an expectation to sanction a second phase of approximately 5,000 kilometers of data further south in 2019.
The industry-supported program is designed to investigate the architecture, evaluate the petroleum potential of proven basins and understand the geologic differences between producing and non-producing areas.
GrandSPAN will integrate with two other ION BasinSPAN programs in the area, providing a contiguous regional seismic data set in excess of 20,000 kilometers offshore northeast Canada.
ION expects acquisition to begin this summer with initial deliverables available in Q3 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. “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.”