Seismic Services Market Business Strategies and Transformation Overview to 2024 | CGG SA, Fugro NV, ION Geophysical Corporation, PGS ASA, Polarcus

Seismic services facilitate the seismic surveys by using turning in vital facts and results relevant to geophysical properties of the earth’s crust & ocean bed. Seismic services consist of design & in advance planning of 2D and 3D surveys, information acquisition, data records processing and data records interpretation.

Seismic services help the oil and gasoline companies to make crucial exploration and reservoir decisions. Seismic services facilitate oil industry players to locate reservoirs and outline oil and natural gas fields.

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Some of the major players of the market are:

Halliburton Company, BGP Inc., China National Petroleum Corporation, CGG SA, Fugro NV, ION Geophysical Corporation, PGS ASA, Polarcus Ltd, SAExploration Holdings Inc, Schlumberger Ltd, SeaBird Exploration Plc, Shearwater GeoServices AS, TGS NOPEC Geophysical Co. ASA, amongst others.

The market for seismic services is expected to grow at a CAGR of 5.10% during the forecast period of 2019 -2024.

The important factors for the boom of the seismic survey market are the demand for seismic advancements and transformations in brownfield projects and the use of seismic technology in shale gas exploration. The reduction in investments and budgets for exploration and production (e&p) due to the crash of oil costs could be a restraint for the seismic survey market.

Market Overview

After four years of cutbacks, major players in the oil and gas industry expect the investments to rise in 2019, as more projects are approved to meet the increasing energy demand and crude oil price revives. Hence, in response to the situation, since 2018, the spending on exploration activities has increased, in turn, driving the seismic services market. However, opposition from the environmental conservation groups to marine seismic activities are likely to obstruct the market growth during the forecast period.

- Offshore segment accounts for the largest share in the seismic services market owing to the data which has have much higher quality, due to a number of favorable conditions, when compared with onshore.

- Land-based and shallow water oil fields have reached their maturity, and there is little scope for any new field discovery in these areas. Therefore, development of deepwater and ultra-deepwater water reserves create significant opportunity for the seismic services market in the future.

- North America dominated the market across the globe as the region witnessed increasing offshore exploration in the regions, such as the Gulf of Mexico (GoM).

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Key Market Trends

Increasing Demand from Offshore Oil and Gas Industry

- Offshore segment accounts for the largest share in the seismic services market. Offshore seismic data usually have much higher quality compared to that of onshore, due to a number of favorable conditions, including repeatable and consistent sources, good conditions for coupling at sources and receivers, and the uniform property of water as the medium.

- In early 2019, BP uncovered new resources in its Gulf of Mexico operations, with an additional 1 billion barrels of oil at its Thunder Horse field, and an additional 400 million barrels of oil at the Atlantis field, with the help of Wolfspar seismic technology.

- The Norwegian Petroleum Directorate has estimated that around 47% of all the remaining resources on the shelf is still undiscovered. Adding to this, there are around 350 undeveloped discoveries in the United Kingdom Continental Shelf (UKCS) containing 3.2 billion barrels of oil equivalent (bboe).

- Therefore, factors such as increasing exploration and production (E&P) activities in the deepwater and ultra-deepwater reserves and increasing efforts by the oil and gas majors to tap the undiscovered reserves are expected to drive the offshore seismic services market.

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North America to Dominate the Market

- North America witnessed increasing offshore exploration in the regions, such as the Gulf of Mexico (GoM). GoM has widespread untapped resources, which creates opportunities for the oil and gas exploration companies. Thus, explorations in this region drive the seismic services market.

- During the beginning of 2018, the Trump administration allowed new offshore oil and gas exploration and development activity, in nearly all the US coastal waters, opening more than a billion acre in the Arctic, and along the Eastern Seaboard.

- However, the plan has been stalled for several months, mainly due to protest from several states blocking Donald Trump’s order, to lift a ban on energy leasing in Arctic waters. Such a scenario has held the potential growth of seismic services in the country, especially in the offshore sector

- After months of delay in November 2018, the Trump administration announced that it had approved seismic testing for oil and natural reserves, along the US East Coast.

- Recent discoveries in offshore Mexico are estimated to be much larger than recent finds in the US GoM, at comparable depths. Such factors have been attracting foreign companies to invest in Mexicos oil and gas exploration sector, and in turn, driving the demand for seismic services.

TOC of the Report Includes:

1 Introduction
2 Seismic Services Market Research Methodology
3 Executive Summary
4 Seismic Services Market Dynamics
5 Seismic Services Market Segmentation
6 Competitive Landscape
7 Seismic Services Market Opportunities And Future Trends

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