December 9, 2023

Marine Seismic Equipment and Acquisition Market Analysis: Predicting Growth

The global marine seismic equipment and acquisition market services continues to experience growth, driven by a sustained application base in offshore hydrocarbon exploration, mining, and groundwater exploration projects. These operations, commonly known as seismographic acquisition, play a pivotal role in unraveling the Earth’s subsurface and identifying valuable resources beneath.

The marine seismic acquisition services sector has witnessed significant expansion in recent years, with numerous oil and gas production companies adopting efficient offshore seismic acquisition services. This trend is attributed to the need for accurate data on shallow water, deep-water, and ultra-deep-water geology.

Cyclical Nature of the Industry

The exploration and production (E&P) spending in the oil and gas industry follows a cyclical pattern, influencing marine seismic activity. When oil and gas companies increase E&P spending, it results in a surge in marine seismic operations. However, after completing seismic surveys, the focus shifts towards drilling and production of new reserves.

Challenges and Opportunities

Several factors impact the long-term growth of the marine seismic equipment and acquisition market, including technological advancements, oil price trends, E&P capital expenditure, deep-water development, emerging offshore regions, and regulatory frameworks. The “golden triangle,” encompassing the Gulf of Mexico, Brazil, and West Africa, as well as the North Sea in Europe, plays a crucial role in driving offshore equipment market spending. However, these trends are closely linked to oil price levels.

The decline in oil and gas prices has prompted reduced investments in the E&P sector, leading marine seismic acquisition companies to make significant spending cuts to remain profitable. Real-time oil and gas prices continue to influence the marine seismic equipment and acquisition market, with seismic data acquisition expected to recover faster than the equipment market.

Global Impact of COVID-19

The global COVID-19 pandemic, coupled with increased investments in renewable energy sources, has posed challenges to the deployment of marine seismic equipment and acquisition services. The dramatic drop in crude oil prices in April 2020, including negative West Texas Intermediate (WTI) crude oil futures, disrupted oil and gas production. However, a U-shaped recovery is anticipated post-2020, supported by newly discovered oil and gas fields in regions like Saudi Arabia, India, Malaysia, Mexico, and the North Sea, which will boost demand for marine seismic equipment and acquisition services.

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Multi-Client Surveys: A Dominant Trend

The marine seismic equipment and acquisition market encompass 2D, 3D, and 4D methods, with higher day rates for deep-water and ultra-deep-water areas due to their challenging environments. Multi-client surveys (MCS) have emerged as a dominant mode of acquisition, providing non-exclusive data that can be acquired during periods of lower vessel day rates. Oil and gas companies increasingly purchase MCS data for in-house interpretation and analysis, while proprietary seismic acquisition remains a premium service.

Asia Pacific: A Growing Market Opportunity

The demand for marine seismic equipment and acquisition services is driven by offshore oil and gas assets, particularly in Mexico, Norway, Brazil, Venezuela, and West Africa. Europe, once a key market, has shifted its focus to renewable energy generation, impacting the demand for marine seismic services. In North America, Mexico is expected to drive demand in the Gulf of Mexico, while Latin America’s petroleum sector is driven by offshore production in countries like Brazil, Venezuela, Argentina, and Trinidad & Tobago. Asia Pacific presents a high potential market, with India’s exploration activities in the Arabian Sea and China’s investments in shale gas projects contributing to growth.

Leading Players in the Market

Key players in the marine seismic equipment and acquisition market include Sercel, Shearwater GeoServices, SIG France, CGG, PGS, TGS, Teledyne Marine, Seabird Exploration Group, Fugro, WesternGeco, Polarcu, TNG-Group, and Geo Marine Survey Systems. Notably, Shearwater GeoServices was awarded a significant contract by ONGC for a 3D broadband marine seismic survey in the Arabian Sea.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad