21 August 2017
Visiongain’s new 207-page Marine Seismic Equipment & Acquisition Market Forecast 2017-2027: Offshore Oil & Gas Seismic Surveys with 2D, 3D & 4C Equipment & 2D, 3D, OBS, Proprietary & Multi Client Acquisition report indicates that the marine seismic market will see CAPEX of $0.50bn on equipment and $4.35bn on acquisition in 2017.
The fall in the price of oil has caused oil companies to react by cutting exploration investments. This in turn has resulted in marine seismic acquisition companies making major spending cuts in order to remain profitable during this market downturn. Recovery in the marine seismic market will occur in line with the recovery of the oil price. Seismic data acquisition is expected to recover faster than the equipment market as companies can seek opportunities in both multi client and proprietary work to utilise the availability of vessels and equipment.
The oil price fall in late 2014 caused a rapid fall in CAPEX in the equipment market. Over the next ten years the 4C equipment submarket is expected to grow as there is demand for more production-stage seismic data and enhanced oil recovery, and the cost of streamers and control systems will become an increasingly important cost of the equipment. Adding streamers to existing vessels and applying the most advanced associated systems is expected to be the most cost-consuming investment on future vessels.
With regards to acquisition activity, the oil price fall will hold this back and decrease vessel utilisation rates. With a steady recovery of oil prices anticipated in the following years, seismic acquisition activity is also expected to follow the same trend but will also be affected by the cyclical nature of the exploration market.
The Marine Seismic Equipment & Acquisition Market Forecast 2017-2027: Offshore Oil & Gas Seismic Surveys with 2D, 3D & 4C Equipment & 2D, 3D, OBS, Proprietary & Multi Client Acquisition report will be of value to anyone who wants to better understand the industry and its dynamics. It will be useful for businesses already involved in segment of the Marine Seismic market, or for those wishing to enter this growing market in the future.
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