Growing demand for oil and gas is a key element in the expansion of the global seismic survey. By 2040, the U.S. Energy Information Administration predicts that fossil fuels would supply 77% of the energy consumed worldwide. Benefits of seismic survey include lowering the likelihood of drilling dry wells, which would impede future drilling, and reducing the environmental effects of oil and gas development, which are driving the growth of the worldwide seismic survey market.
The size of the Seismic Survey Market, which was estimated to be worth USD 20.88 billion in 2022, is expected to increase to USD 30.15 billion by 2030, rising at a CAGR of 4.7% between 2023 and 2030.
Major Players in the Seismic Survey Industry:
1. Breckenridge Geophysical: 100 miles west of Fort Worth, Breckenridge Geophysical is a seismic data collecting business that was established in 1984. They began as a tiny group in the 1980s and early 1990s, with teams largely operating in North Texas. They constantly integrate cutting-edge technology and innovative practises to keep up with a rapidly evolving sector.
2. BTW Company Ltd.: Built in 1970. Headquarters in the United States. Companies in Wichita, Kansas, that sell digital office supplies. The company's offerings enable the aerospace, legal, and manufacturing industries to obtain top-notch services by offering and supporting network services, document management, and workflow analysis.
3. Dolphin Group ASA: Established in 1965. Headquarters in Norway's Sandnes. Dolphin Drilling AS and its affiliates offer services for exploration and development to the oil and gas sector. The business is divided into two areas. The offshore oil and gas business is served by the offshore drilling segment, which also leases drilling rigs. For both onshore and offshore businesses, the engineering and fabrication section offers engineering, fabrication, ship building, and maintenance services. The launch of a planned private placement of new shares in the company, raising gross proceeds of the NOK equivalent of about USD 60 million through an expedited bookbuilding process, is mentioned in the stock exchange announcement made by Dolphin Drilling AS on June 22, 2023.
4. Polaris Seismic International Ltd.: Established in 1996. Headquarters in the United States. The Woodlands, Texas TA seismic data workstation management portfolio. The portfolio includes workstation software reformatting, seismic and interpretation data manipulation, and vintage 2D seismic data that covers the whole East Coast boundary of the United States.
5. Spectrum ASA: Built in 1986. Headquarters are in Oslo, Norway. The oil and gas industry is where Spectrum ASA operates. The business offers the oil and gas sector processing and multi-client seismic data services. Seismic Imaging and Multi-Client surveys are its two operational components. Multi-Client surveys provide for the majority of its revenue. 2D seismic data spanning all the oil and gas producing regions in various geographies is currently available in its Multi-Client data library. The library also contains 3D seismic data from the North Sea and the East Mediterranean region. By acquiring Spectrum, TGS-NOPEC Geophysical Company ASA will become a top provider of 2D and 3D seismic data, according to an announcement made by Spectrum ASA.
6. MMA Offshore Limited: Founded in 1989. Headquarters in Australia. The main business of MMA Offshore Ltd. is offering marine-related services. Project Logistics, Subsea Services, and Vessel Services are the company's operating segments. The segment's Vessel Services earns the most revenue for it. The area of Vessel Services offers specialised offshore support vessels. Companies operating in subsea environments can get services including inspection, maintenance, and repair from its Subsea Services sector. Large maritime spread project management and intricate marine logistics are included in the sector of project logistics. Geographically, Australia is where it gets the majority of its money. The acquisition of Subcon International Pty Ltd by MMA Offshore Limited through the purchase of 100% of Subcon International Pty Ltd was announced in 2022.
7. Kuwait Oil Company: Established in 1980. Headquarters in Kuwait. Owner of a business that will conduct oil exploration and production in Safat, Kuwait. The business provides onshore and offshore upstream exploration services through production, refining, marketing, retailing, petrochemicals, and marine transportation services, which includes finding new reservoirs and supplying clean and safe fuel for cars, aeroplanes, ships, farms, and power plants. Net profits for the fiscal year 2022–2023, which ended on March 31st, were KD 2.6 billion (or about 8.4 billion US dollars) for the Kuwait Petroleum Corporation and its subsidiaries.
*Definition: Seismic surveys use reflected sound waves to produce a “CAT scan” of the Earth's subsurface.
