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TheStreet Open House

PEMEX Awards Multi-year Seismic Data Processing Contract To ION

Stocks in this article: IO

HOUSTON, May 2, 2014 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that its GX Technology (GXT) group has been awarded a multi-year contract with Petroleos Mexicanos (PEMEX), the national oil company of Mexico. Under this contract, GXT is providing a broad range of seismic data processing for multiple offshore and onshore surveys over the next three years.  The work will be executed via GXT's Villahermosa, Mexico, and Houston offices and through its Houston high performance computing center.

GXT will utilize its proprietary imaging technologies to process seismic data acquired on behalf of PEMEX, including in deepwater regions of the Gulf of Mexico, in highly complex subsalt areas and in various onshore regions throughout Mexico. The scope of services includes GXT's WiBand TM broadband processing, velocity model building and pre-stack depth migration (PreSDM) using both beam migration and high frequency reverse time migration (RTM) techniques. Through their presence in Villahermosa, GXT professionals will closely collaborate with their PEMEX counterparts to accelerate the identification of new exploration leads and development drilling targets.

Jose Antonio Escalera, Sub-Director of Exploration at PEMEX, commented, "PEMEX will continue to invest heavily in hydrocarbon exploration and development in the years ahead.  Much of this investment will be directed at E&P projects in which the targets are located in complex geologic regimes, including in fractured carbonate and deepwater subsalt reservoirs.  Processing these datasets requires the most advanced imaging techniques. GXT continues to be well suited to help us address these challenges, having demonstrated their ability to deliver superior images within our required timeframes."

Christopher Usher, Executive Vice President and Chief Operating Officer of ION's GeoScience Division, added, "ION and PEMEX have a solid, long-standing relationship.  This multi-year contract award expands our existing services and demonstrates that PEMEX continues to derive value from our differentiated technologies and services. We are excited about continuing to collaborate with PEMEX as they navigate this new era of energy reform, and to support the technical and commercial success of their core assets."



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