On November 28th, 2019, ANCAP and ION Geophysical Corporation signed a new Multiclient Agreement to carry out a non-exclusive reprocessing work of a minimum of approximately 22.500 km² of 3D seismic data offshore Uruguay, owned by ANCAP ("Tannat Project"), at entire cost and risk of ION Geophysical Corporation.
The 3D seismic data to be reprocessed in this Agreement are those acquired offshore Uruguay as part of the committed exploratory work resulting from the contracts in Uruguay Round 2009 and Uruguay Round II; these data are fully available for ANCAP to use and market, after the termination of these contracts.
Regarding the experience of ION Geophysical Corporation, during the period 2016-2019, it has reimaged public-domain 3D seismic data projects in the Gulf of Mexico (approx.125,000 Km²) and 75,000 Km² offshore Brazil. GX Technology has pioneered the seamless integration of multiple existing 3D surveys from shot data to a final anisotropic PreSDM single output cube.
The approach that implies the generation of reprocessed 3D seismic data (which is ANCAP´s property), will add considerable value to ANCAP's 3D assets and create a revitalized dataset that should be welcomed by potential E&P investors offshore Uruguay, providing the industry with a single unified 3D volume having a consistent processing treatment and imaged to match the data character across the whole area.
In addition, ANCAP will benefit from a leading market services company promoting the Tannat Project in its product portfolio, promoting exploration opportunities in Uruguay simultaneously. This multiclient agreement joins the other two in force with this same company (2D seismic acquisition “UruguaySPAN” and 2D Seismic Reprocessing of ANCAP´s UR07 and UR08 surveys), which products have been highly valued in the industry.
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