ION Geophysical Corporation announced a new 2D multi-client reimaging program offshore Brazil. The first phase of the Farofa program covers acreage in the deep water Campos basin that will be available for licensing this October in Brazil's upcoming Round 16. The program will reimage ~10,000 km of existing data using the latest technology to provide an updated view of the outboard salt basin area.
This program will extend the Picanha 3D program into the Round 16 area. The limited 3D data available in this area of Round 16 makes the Farofa dataset critical in providing valuable insights of the pre-salt potential. Initial data is expected to be available in Q1 2019 and the program is anticipated to be completed in May 2019.
"Brazil has continued to draw strong interest from large E&P companies, attracting an astounding $5.5 billion in signature bonuses in less than two years," said Joe Gagliardi, Senior Vice President of ION's E&P Business Development. "The Round 16 area covered by the Farofa program has extremely complex salt bodies that overlie and mask the extent of the pre-salt play. The complex nature of this area creates challenges in imaging relative to the inboard part of the Campos Basin, making it an exciting opportunity for new exploration. This program leverages ION's Brazil expertise and expands our data library in Brazil to 75,000 sq km of 3D data and 85,000 km of 2D data offshore."
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