ION Geophysical Corporation (IO) announced the Company entered into a multi-client agreement with Colombia’s National Hydrocarbon Agency, the ANH, granting rights to reprocess existing data and acquire new 2D and 3D multi-client programs offshore Colombia’s Caribbean coast. In February, the ANH announced a series of reforms to encourage investment in exploration and production, such as a permanent license round and a more attractive tax regime, to boost declining production and increase reserves. The data is intended to enable better understanding of hydrocarbon potential and investment opportunities of underexplored shallow and deep water offshore blocks on offer.
“We are continuing to extract maximum value from existing datasets by seamlessly reimaging them into a single volume, tying all available well data and then supplementing with new data where necessary,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “The combination of Colombia’s new permanent license round and improved legislative terms are causing E&P companies to take a second look at Colombia’s offshore frontier. Analysis to date suggests several established petroleum systems offshore that we believe are worth better understanding.”
