The first phase of the program is complete with twenty-five seamlessly merged 3D data sets comprising a single 9,000 sq km depth volume
ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client program in Argentina’s Neuquén Basin. ION is nearly tripling the size of its Vaca Muerta program to 25,000 sq km over one of the most prospective unconventional plays in the world, which is estimated to hold 16 billion barrels of recoverable hydrocarbons. The first phase of the program is complete with twenty-five seamlessly merged 3D data sets comprising a single 9,000 sq km depth volume. The second phase of the program is in progress and will increase the project size to 25,000 sq km by merging an additional 60+ surveys and incorporating 150+ wells. Future interpretation studies derived from this information will provide the framework for a basin-wide understanding of all major intervals in addition to the Vaca Muerta Formation.
“Oil and gas companies are investing billions of dollars to explore and develop this world-class unconventional resource,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “Many operators are active in the area and our project underwriters agree that a large-scale program will improve understanding of the basin architecture as a whole, and how the Vaca Muerta fits into the larger exploration picture. ION has repeatedly demonstrated its unique ability to rapidly and cost-effectively provide a cohesive view of basin-wide systems using existing 3D seismic and well data.”
Source: Company Press Release