Market Trends of North America Seismic Survey Industry
This section covers the major market trends shaping the North America Seismic Survey Market according to our research experts:
Increasing Offshore Oil and Gas Activity
- The United States plans to expand offshore drilling, and the Government of the United States announced in its Intergovernmental Panel on Climate Change (IPCC) to grow in the Gulf of Mexico to meet the demand from European countries due to the ban on majority imports of hydrocarbons from Russia.
- Similarly, in 2021, Pemex, a state-owned petroleum company, announced its investment plan for 2021-2025. The company plans 399 new exploration, extraction, and production projects in shallow waters, deep water, and onshore projects in the states of Tamaulipas, Veracruz, Tabasco, and Campeche, which will aid the development of the offshore seismic survey market.
- For instance, in 2022, Eni Mexico and Qatar Petroleum are developing the Area 1 offshore project, which will include the development of three oil fields: Amoca, Miztón and Tecoalli. In addition, the entire field is expected to be commissioned by 2024 and the field's development costs USD 2 billion.
- Due to growing investment in offshore oil and gas field operations, the offshore seismic field development market is expected to dominate the segment.
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United States going to dominate the market
- The United States account for about 69% of crude oil production in the North American region, according to the BP Statistical Review of World Energy 2022.
- In the United States, the petroleum companies recorded the highest profitability due to high crude oil prices in 2022 and high exports in the European country. For instance, in the second quarter of 2022, ExxonMobil reported an unprecedented USD 17.85 billion profit in the second quarter, compared to the last year, which aided the development of the oil and gas field in the United States.
- For example, as of 2021, Mad Dog Phase 2 conventional oil field development is underdeveloped, a deepwater of the United States, and the project is expected to cost USD 9.013 million.
- Overall, the rapid development of oil and gas fields in the United States would aid the growth of the seismic survey market.
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