HOUSTON, Aug. 1, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client broadband reimaging program offshore Brazil. Supported by industry funding, the Picanha program provides a regional 3D framework that cost-effectively delivers fresh insights into the complex Campos and Santos basins' petroleum systems ahead of upcoming license rounds.
By using ION's latest broadband processing and imaging technology to reprocess and reimage 100,000 sq km of data from more than 50 interconnecting public-domain 3D surveys, ION is creating a regionally-calibrated, high quality and consistently-imaged 3D data set. The regional perspective this data set provides will enable exploration teams to better evaluate, risk and rank a portfolio of opportunities for current and future exploration needs. The large program will be delivered in phases to provide relevant bid round knowledge as quickly as possible. The first 12,500 sq km over Round 14 have been delivered to clients and the next 25,000 sq km are in progress for December delivery.
"Repeated oil and gas discoveries in the world-class petroleum systems offshore Brazil continues to draw operators to the region," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "Picanha leverages ION's extensive local geological and geophysical experience in combination with our new Accelerated Imaging, making it possible to rapidly deliver high quality data for E&P companies to evaluate the context of these complex basins and to identify prospect opportunities for upcoming ANP license rounds."
To learn more, visit iongeo.com/Picanha.
ION is a leading provider of technology-driven solutions to the global oil & gas industry. ION's offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risks associated with the timing and development of the Company's products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks. Additional risk factors, which could affect actual results are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Q and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
SOURCE ION Geophysical Corporation