ION Geophysical Corporation (NYSE: IO) today announced acquisition is in progress on a new 2D multi-client program offshore Panama. Supported by industry funding, this is the first seismic survey acquired there in approximately 30 years. PanamaSPAN™ is designed to provide the framework to evaluate the hydrocarbon potential of this unexplored area ahead of the anticipated inaugural license round.
Building on recent exploration success offshore Colombia immediately adjacent to Panama’s Caribbean coast, E&P companies are becoming increasingly interested in high-quality seismic data in this area to understand the potential hydrocarbon prospectivity. Initial deliverables will be available in Q4 2017 and complete interpretation of the data will be available by mid-2018 to guide investment strategies.
The National Energy Secretary of Panama, Víctor Urrutia, said, “Hydrocarbon exploration in Panama has identified various sedimentary basins, proving the existence of geological structures that may contain oil and gas, although there hasn’t been a commercially exploitable discovery.