HOUSTON – July 23, 2013 – ION Geophysical Corporation (NYSE: IO) today announced that it has established a GX Technology (GXT) seismic data processing center in Perth, to serve the needs of oil & gas companies in Australia and throughout the Asia-Pacific region. The new center is staffed with experienced geoscience professionals with regional expertise and offers a full range of leading seismic imaging services and technologies, including depth imaging and ION's patent-pending WiBandTM broadband processing technology.
Economic growth in Asia Pacific is driving the need for a dependable energy supply in the region, prompting industry experts to predict an estimated 20% year-over-year growth in E&P capex expenditure in 2013. In 2012 alone, there were 13 offshore discoveries in the area. Australia is experiencing an oil & gas exploration industry boom, driven by the massive resources of its northwest shelf, and also by the significant potential for unconventional hydrocarbon reserves.
Chris Usher, Executive Vice President and Chief Operating Officer of ION's GeoScience division, commented, “With the opening of this new center, our 13th around the world, we continue to expand our footprint into global E&P hotspots. The Australian northwest shelf is in transition from an exploration to development phase. Production from these fields will continue for decades, and the challenge will be to monitor and manage field development for optimum recovery. We found that our customers operating there have been underserved in terms of high-end, quality seismic imaging, and we are pleased to open this center with material backlog.”
Kelly Beauglehole, the Center's Managing Director, added, “We have seen a tremendous demand in the region for advanced imaging services, including pre-stack depth imaging, and high-quality seismic data, including our recently acquired 11,500 km 2D survey of Australia's northwest shelf, known as WestraliaSPANTM. With our full spectrum of geophysical services and knowledgeable staff, ION is well positioned to help E&P companies minimize risk and maximize their assets throughout the exploration and development cycles, for both conventional and unconventional hydrocarbon reserves in Australia.”
Rob Kneale, Geophysics Manager, Apache Energy Ltd., added, “Apache are pleased to see GXT open an office in Perth, which will combine experienced local staff with GXT's impressive imaging algorithms and workflows.”
The center will officially open on July 24, 2013. For more information, visit iongeo.com/processingcenters.