The industry-supported NamibeSPAN program covers the underexplored Namibe basin offshore southern Angola
ION Geophysical Corporation (NYSE: IO) today announced a new 2D multi-client program offshore West Africa. The industry-supported NamibeSPAN program covers the underexplored Namibe basin offshore southern Angola. The dataset integrates ION BasinSPAN programs in the area, forming a contiguous regional exploration framework in excess of 65,000 km along the West African coast. The program is the conjugate tie with offshore Brazil. The extension of the program into the Namibe basin provides valuable insight along both margins and is a framework to identify known discoveries as potential exploration analogues. ION expects acquisition to begin imminently with initial deliverables available for the upcoming license round later this year.
“Angola passed several petroleum laws in 2018 to make the legislative and fiscal terms more favorable for investment and to prevent an anticipated decline in oil production,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “As a result, this basin is garnering significant interest from E&P companies seeking attractive frontier investment opportunities. Angola announced the launch of their first license round in eight years in October. Driven by client interest, we are continuing to expand our multi-client data library over the most appealing acreage around the world and we now have over 150,000 km offshore Africa.”
Source: Company Press Release