ION Geophysical has completed the third phase of the Mid North Sea High 3D new acquisition multi-client programme.
ION Geophysical has completed the third phase of the Mid North Sea High 3D new acquisition multi-client programme. The programme covers one of the few remaining underexplored areas offshore UK, where relatively low development costs close to shore make it attractive for future investment, said ION. Data collection of the ~700 km2 survey was carried out from mid-September until late October.
‘Client prefunding demonstrates continued support and interest in this geologically complex, commercially appealing play,’ said Joe Gagliardi, senior vice-president of ION’s Ventures group. ‘ION is strategically investing where we believe capital will continue flowing throughout the energy transition. We expect data purchases will largely be aligned with lower risk, higher return strategies focused on stable regulatory environments, proven basins and infrastructure-led exploration that leverages existing nearby facilities. Multiple exploration and appraisal wells are occurring within the next year to test new prospects and further define nearby discoveries. Based on the excellent phase one subsurface image quality, we expect to provide fresh insights in a new regional perspective for developing the entire Zechstein play.’
Meanwhile, ION Geophysical has received a grant to advance port decarbonization through its Marlin SmartPort platform. The Data-Led Emissions Management (D-LEMA) project is part of the Clean Maritime Demonstration Competition, funded by the UK Department for Transport and delivered in partnership with Innovate UK. The six-month pilot study will validate whether vessel fuel usage and carbon dioxide emissions can be reliably estimated in and around ports using the International Maritime Organization (IMO) global standard.
Announced in March 2020, the Clean Maritime Demonstration Competition is a £20 million investment from government alongside a further ~£10 million from industry to reduce emissions from the maritime sector. The programme is supporting 55 projects across the UK. As set out in the Clean Maritime Plan (2019), government funding has been used to support early stage research relating to clean maritime. The programme will be used to support the research, design and development of zero emission technology and infrastructure solutions for maritime and to accelerate decarbonization in the sector.
‘Today approximately 90% of goods are transported by sea and shipping accounts for nearly 3% of global CO2 emissions,’ said Stuart Darling, senior vice-president of ION’s Software Group. ‘Our technology is focused on creating high value information that drives smarter, safer management of the 5,000+ ports globally and the 50,000+ cargo vessels that transit between them. This grant enables us to continue advancing our maritime digitalization platform, Marlin SmartPort, which integrates systems and data to provide better real-time visibility and actionable intelligence to operate with just-in-time efficiency, minimizing fuel consumption and emissions. Our goal is to develop and validate fuel monitoring capabilities to start tracking and, ultimately, to reduce port-related shipping emissions.’
Plymouth Marine Laboratory will supply the data, and the Offshore Renewable Energy Catapult will assist with the analysis.’
Finally, ION Geophysical has engaged Tudor Pickering, Holt & Co, the Houston headquartered investment and merchant bank, to evaluate how to strengthen the company’s financial position. Options include sales of assets, private or public equity transactions, debt financing, or some combination of these, said ION.
