Middle East Seismic Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Seismic Services Market Analysis
The Middle East Seismic Services Market is expected to register a CAGR of more than 7.2% during the forecast period of 2022 - 2027. The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns across middle eastern countries, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. In terms of market growth, factors such as increasing exploration in offshore areas such as Persian Gulf coupled with the strengthening of crude oil prices, making the upstream activities economically feasible, are likely to drive the market. However, a lot of countries are shifting to renewable energy sources and ending their reliance on crude oil, which may restrain the market growth during the forecast period.
- The offshore segment accounts for the major share in the seismic services market due to a number of favourable conditions compared to 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, the development of deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the middle east seismic services market in the future.
- The Saudi Arabia is expected to witness significant growth in the seismic services market during the forecast period due to rapid growth in exploration and production activities across the country.
Middle East Seismic Services Market Trends
This section covers the major market trends shaping the Middle East Seismic Services Market according to our research experts:
Offshore Oil and Gas Industry is Expected to Dominate the Market
- The offshore segment accounts for the largest share of the middle-east seismic services market. Offshore seismic data usually has much higher quality compared to 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.
- The Middle-East region, is one of the major offshore oil and gas producing regions and offshore oil and gas exploration spending in the region is set to grow significantly over the next few years. With the availability of abundant resources, coupled with increased potential to recover oil and gas from deep water and ultra-deep-water areas, it is expected to provide a great opportunity for the offshore oilfield services market.
- In February 2022, Abu Dhabi's state-owned oil and gas company announced the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the Emirate's Northwest. Further reservoir development is likely to be carried out, including seismic services work, which is expected to drive the market.
- Moreover, in July 2022, Abu Dhabi National Oil Company (ADNOC) announced a second discovery of natural gas resources through seismic services in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni. The discovery from a new deeper reservoir indicates between 1 - 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
- 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 into the undiscovered reserves are expected to drive the middle-east seismic services market.
Saudi Arabia to Dominate the Market
- Saudi Arabia is one of the major global oil producers, with 10.954 million barrels per day (mb/d) of crude oil production in 2021. It is the largest crude oil exporter globally, registering nearly 161.7 billion USD in 2021. As a significant crude oil exporter, the country had great control over the international upstream market. The country plays a crucial role in controlling crude oil prices due to its high surge capacity. This may be considered a good sign for seismic services within the region.
- Also, the country has the world's fifth-largest estimated shale gas reserve, and thus, it has great potential for the country to replicate North America's unconventional reserves development growth. This, inturn, culminates the growth in the use of seismic surveys in the region.
- Moreover, in March 2022, the state oil company Saudi Aramco's Saudi Arabian Oil Company (Aramco) announced it would boost its capital expenditure to USD 40 to 50 billion, which further bolstered the country's the exploration and production activities. This in turn, culminates in the growth of seismic services across the region.
- Furthermore, in February 2022, Saudi Arabia announced the discovery of natural gas fields in five regions of the kingdom, namely, bordering Iraq, i.e. Shadoon, in the central region southeast of Riyadh, Shehab, in the empty quarter, Shehab, Shorfa, Umm Khansir, Samna. These gas discoveries showcase the prominence of seismic services within the region.
- Therefore, owing to the above points, Saudi Arabia is expected to dominate the middle-east seismic services market during the forecast period.
Middle East Seismic Services Industry Overview
The Middle East seismic services market is fragmented. Some of the major companies include Schlumberger Ltd, CGG SA, PGS ASA, TGS ASA, and Halliburton Company.
Middle East Seismic Services Market Leaders
Schlumberger Ltd
PGS ASA
TGS ASA
Halliburton Company
CGG SA
*Disclaimer: Major Players sorted in no particular order
Middle East Seismic Services Market News
- In August 2022, CGG subsidiary Sercel SA sold 12,000 GPR300 ocean-bottom nodes (OBN) to BGP for an offshore seismic survey in the Middle East. It follows the delivery last year of 18,000 GPR300 nodes to the company for the same project.
- In July 2021, Sercel has announced the first major sale of its recently launched GPR300 seabed nodal solution to BGP Inc., a worldwide major geophysical service provider. The sale includes 18,000 nodes that will be deployed on a large-scale, long-term, multi-vessel operation in the Middle East region.
Middle East Seismic Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
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
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Service
5.1.1 Data Acquisition
5.1.2 Data Processing and Interpretation
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 Saudi Arabia
5.3.2 United Arab Emirates
5.3.3 Rest of Middle-East
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Schlumberger Limited
6.3.3 CGG SA
6.3.4 Fugro NV
6.3.5 ION Geophysical Corporation
6.3.6 PGS ASA
6.3.7 TGS ASA
6.3.8 SAExploration Holdings Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Middle East Seismic Services Industry Segmentation
The scope of the middle east seismic services market report includes:
| Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Rest of Middle-East |
Middle East Seismic Services Market Research FAQs
What is the current Middle East Seismic Services Market size?
The Middle East Seismic Services Market is projected to register a CAGR of greater than 7.20% during the forecast period (2024-2029)
Who are the key players in Middle East Seismic Services Market?
Schlumberger Ltd, PGS ASA, TGS ASA, Halliburton Company and CGG SA are the major companies operating in the Middle East Seismic Services Market.
What years does this Middle East Seismic Services Market cover?
The report covers the Middle East Seismic Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East Seismic Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East Seismic Services Industry Report
Statistics for the 2024 Middle East Seismic Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East Seismic Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
