HOUSTON, July 23, 2013 /PRNewswire/ -- 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, visitiongeo.com/processingcenters.
About ION
ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.
Contacts
ION (Investor relations)
Senior Vice President and Chief Financial Officer
Greg Heinlein, +1 281.552.3011
ION (Media relations)
Vice President - Corporate Marketing
Karen Abercrombie, +1 713.366.7281
karen.abercrombie@iongeo.com
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.
SOURCE ION Geophysical Corporation
