Outlook on the Worldwide Seismic Services Industry to 2025 – Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements – ResearchAndMarkets.com

The "Seismic Services Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The market for seismic services is expected to grow at a CAGR of approximately 5.10% during the forecast period of 2020 - 2025. 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).

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).

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 United States 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 United States GoM, at comparable depths. Such factors have been attracting foreign companies to invest in Mexico's oil and gas exploration sector, and in turn, driving the demand for seismic services.

Companies Mentioned

• BGP Inc., China National Petroleum Corporation
• CGG SA
• China Oilfield Services Limited
• Fugro NV
• Halliburton Company
• ION Geophysical Corporation
• Magseis Fairfield ASA (WGP Group Ltd)
• PGS ASA
• Polarcus Ltd
• SAExploration Holdings Inc.
• Schlumberger Ltd
• SeaBird Exploration PLC
• Shearwater GeoServices AS
• TGS NOPEC GEOPHYSICAL COMPANY ASA

Key Topics Covered:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints

4.6 Supply Chain Analysis

4.7 Porter's Five Forces Analysis

5. MARKET SEGMENTATION

5.1 Service

5.2 Location of Deployment

5.3 Geography

5.3.1 North America

5.3.2 Asia-Pacific

5.3.3 Europe

5.3.4 South America

5.3.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

8. DISCLAIMER

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