ION takes majority stake in OceanGeo

Houston-based ION Geophysical Corp. has increased its ownership interest in OceanGeo B.V., a geophysical company specializing in multicomponent ocean bottom seismic acquisition using ocean-bottom cables (OBC).

ION now owns 70% of OceanGeo, up from the 30% that it acquired from Reservoir Exploration Technology ASA in February 2013. Formerly known as GeoRXT, OceanGeo is owned by ION and Georadar Levantamentos Geofisicos S/A.

OceanGeo was awarded a 510sq km ocean-bottom 3D seismic survey offshore Trinidad for Petroleum Co. of Trinidad and Tobago Ltd. (Petrotrin). Work commenced in December 2013 and is expected to be complete in April or May 2014.

Jamaludin Khan, Petrotrin's VP Exploration and Production, said, "The Gulf of Paria has produced in excess of 1.5 billion bbl of oil since 1955 and still has significant hydrocarbon producing potential. Meeting Petrotrin's five-year strategic challenge of reserves replacement and increased production requires a new and superior quality seismic data set in the Gulf of Paria. A best-in-class ocean-bottom seismic 3D survey provided by OceanGeo will provide the wide azimuth data we need to identify deeper Cretaceous plays and bypassed opportunities adjacent to existing reservoirs."

Colin Hulme, OceanGeo's CEO, added, "We are extremely pleased to announce this award. While we have a new name and ownership, we have a proven track record of successfully acquiring ocean bottom seismic data, safely and efficiently, with over five years of operation offshore Brazil, delivering superior reservoir understanding for our E&P clients. We are now pleased to put that expertise to work for Petrotrin. Ocean-bottom seismic continues to rapidly grow and gain market share from towed streamer by meeting oil and gas companies' requirements for higher quality seismic data to better develop and manage their reservoirs. With the full support of our parent companies ION and Georadar, we are well positioned to compete and thrive in the growing ocean bottom seismic market, and we are truly excited about the future of OceanGeo."

OceanGeo is headquartered in Houston and Rio de Janeiro.

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