ION has completed the data processing and interpretation for ArgentineSPAN, a basin-scale seismic program offshore Argentina. ArgentineSPAN contains approximately 11,800 km of new, regional data off the Argentine Southern Atlantic margin from the international boundary between Argentina and Uruguay to the most southerly tip of the Argentine mainland offshore Tierra del Fuego.
The program provides high-resolution images of prospective targets in all of the basins offshore Argentina and offers a new understanding of the petroleum systems and prospectivity of the offshore oil and gas potential for Argentina, one of the most under-explored petroleum regimes in the world. With this recent addition to ION's BasinSPAN library, ION continues to expand its global library of strategic information for the exploration industry.
The program was sanctioned following an agreement signed at the end of 2007 between ENARSA (Energia Nacional de Argentina SA) and ION's subsidiary, GX Technology (GXT). Exequiel Espinosa, President of ENARSA, said, "ArgentineSPAN is a key component to increasing investment in the offshore industry in Argentina, and we are pleased that this data will be available to Latin American and international companies who are looking to invest in Argentina over the long term."
Ken Williamson, Senior Vice President of ION's Integrated Seismic Solutions group, commented, "We are very happy to continue to work in partnership with ENARSA. ArgentineSPAN is providing new insights that are prompting both public and private organizations to rethink the potential of Argentina's resource base. We continue to develop further exploration opportunities in Latin America by providing a strategic framework for international and domestic oil and gas exploration companies and by working very closely with governments and state controlled agencies within the whole region."
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