ION Geophysical has announced the first proprietary commercial deployment of the company’s Gemini extended frequency source technology in an unnamed location for a big energy company.
ION Geophysical has announced the first proprietary commercial deployment of the company’s Gemini extended frequency source technology in an unnamed location for a big energy company.
Following the technology’s commercialization in September, energy companies have specified Gemini in a number of proprietary tenders, the first of which was expected to begin in January.
‘In this long-offset 3D towed streamer survey, Gemini’s broad source spectrum will improve subsurface characterization of a moderately complex geologic area with greater operational efficiency and considerably less environmental impact. The innovative source significantly extends low frequencies, while limiting higher frequencies to a more ecologically friendly range,’ said ION.
Ken Williamson, executive vice president and chief operating officer of ION’s E&P Technology and Services group, said: ‘The sector is rapidly adopting creative acquisition techniques to enhance image quality in both towed streamer and seabed surveys. Gemini is proving to be an integral enabling technology that efficiently supports substantially improved data quality and lower environmental impact desired by the industry. This project also expands the geographies in which permits have been issued, further validating the technology’s environmental credentials and ease of permitting. In order to meet market demand, we are rapidly expanding our capacity and seeking regulatory approval in additional jurisdictions.’
Meanwhile, ION has reached agreement with its lenders to restructure 84% of outstanding bonds, extending the December 2021 maturity by four years to 2025. The company has also given its shareholders the opportunity to participate in a rights offering for additional shares.
