ION Geophysical announced an approximate 50% extension to its previously announced program offshore Panama due to strong client interest and prefunding to evaluate offshore Panama in advance of the anticipated license round.
The client-driven survey provides a regional framework typical of BasinSPAN programs to evaluate the geology of the Panamanian offshore, while the new extension provides more detailed coverage that will allow E&P companies to evaluate blocks ahead of the expected license round.
Recent exploration success offshore Colombia, adjacent to Panama's Caribbean coast, has created interest among E&P companies in high-quality seismic data to evaluate the hydrocarbon prospectivity on this margin. The expanded program will be approximately 9000km and is the only modern data available offshore Panama.
Brian Hanson, ION's president and CEO, said that the geophysical firm utilized a new software tool called Marlin, which enabled ION to navigate the busiest maritime transit route, near the Panama Canal, which allowed for a safer and more efficient program.
"Akin to modern air traffic control systems, Marlin integrates a variety of real-time data sources that enables multiple stakeholders to share and visualize vessel route plans, foresee and avoid conflicts between vessels and fixed assets, optimize schedules, and measure and improve asset performance. Marlin enables greater collaboration allowing underwriters to tune into what's happening in the field real-time from their offices to monitor program progress and key statistics," Hanson said.