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Table of Contents
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About This Report
Table of Contents
SCOPE OF THE REPORT
Frequently Asked Questions
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Southeast Asia Offshore Seismic Survey Market Size
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Study Period
2020 - 2029
Base Year For Estimation
2023
Forecast Data Period
2024 - 2029
Historical Data Period
2020 - 2022
CAGR
4.00 %
Market Concentration
Low
Major Players
*Disclaimer: Major Players sorted in no particular order
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Southeast Asia Offshore Seismic Survey Market Analysis
The Southeast Asia offshore seismic survey market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the medium term, the increasing use of seismic technology for oil and gas exploration and increasing investments in offshore wind are expected to drive the market's growth.
On the other hand, the high costs associated with the seismic survey are expected to hamper the market's growth during the forecast period.
Nevertheless, increasing seismic survey technology advancements will likely create lucrative growth opportunities for the Southeast Asia offshore seismic survey market.
Malaysia is expected to witness significant growth and the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies, in the country.
Southeast Asia Offshore Seismic Survey Market Trends
This section covers the major market trends shaping the Southeast Asia Offshore Seismic Survey Market according to our research experts:
Data Acquisition to Dominate the Market
Seismic data acquisition aims to obtain an image of the sedimentary basins in the earth's interior. It helps create models that facilitate exploration companies to make better-informed exploration and drilling decisions.
In 2021, Indonesia was the largest oil producer in Southeast Asia, producing 585,000 barrels per day. In the same year, Malaysia produced around 508,000 barrels daily, making it the second-largest oil producer in the region.
Data is acquired through multi-client surveys or on a proprietary basis. A geophysical company develops proprietary surveys for a client who owns the data and usually covers limited acreage.
In July 2022, PGS won two contracts for 3D exploration and 4D acquisition, totaling a roughly five-month campaign. In particular, the business signed its first contract for a 3D exploration acquisition offshore Indonesia with an unnamed oil company.
Seismic data could be acquired for either 2D or 3D imaging. In the 2D seismic acquisition, sources and receivers are deployed along a line on the surface, and the output is a line graphical representation of the subsurface. 2D seismic acquisition is used when collecting large data areas and when a 3D survey is not economically viable.
Overall, the increasing demand for offshore seismic services from the offshore wind and oil and gas sectors, mainly in Southeast Asia, will likely increase the offshore seismic survey market during the forecast period.
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Malaysia to Witness Significant Growth
Malaysia's oil and gas sector is vital to its economy as it contributes 20% to the GDP as of 2020. The country has the second largest proven reserves in Southeast Asia and is the world's fourth-largest exporter of liquified natural gas (LNG), totaling 35.1 billion cubic meters in 2021, and is strategically located amid important routes for seaborne energy trade.
In 2021, Malaysia's natural gas production was approximately 63.03 billion cubic meters. Natural gas production has witnessed 6.6% growth compared to the previous year.
Most of Malaysia's oil and gas production comes from offshore fields in three producing regions: Peninsular Malaysia (Malay Basin), Sarawak, and Sabah. Further, to offset the production declines from mature fields, the government focuses on opening new investment opportunities by enhancing output from existing fields and developing new areas in deepwater offshore Sarawak and Sabah. This has increased the demand for offshore seismic services in the country.
In March 2022, Petronas signed four new Production Sharing Contracts (PSCs) for five offshore blocks located off the coast of Sabah and Sarawak. Additionally, in February 2021, Petronas signed PSCs for five offshore exploration blocks, SB412, 2W, and X, located off the coast of Sabah, and SK439/SK440, located off the coast of Sarawak.
In July 2021, TGS ASA, PGS ASA, and Schlumberger's WesternGeco secured pre-funding for a 6,400 square kilometer multi-client 3D survey starting in October 2021 in the Sarawak Basin, offshore Malaysia. The survey is the first phase of a multi-year contract awarded by the Malaysian national oil firm Petronas in 2020 to acquire and process up to 105,000 square kilometers of multi-client 3D data over five years in the Sarawak Basin.
Overall, Malaysia is expected to witness moderate to high growth in the demand for offshore seismic services, driven by increasing investments in offshore oil and gas and offshore wind power.
Southeast Asia Offshore Seismic Survey Industry Overview
The Southeast Asia offshore seismic survey market is moderately consolidated in nature. Some of the major players in the market (in no particular order) include Halliburton Company, Schlumberger Ltd, Fugro NV, PGS ASA, and China Oilfield Services Limited.
Southeast Asia Offshore Seismic Survey Market Leaders
Halliburton Company
Schlumberger Ltd.
Fugro NV
PGS ASA
China Oilfield Services Limited
*Disclaimer: Major Players sorted in no particular order
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Southeast Asia Offshore Seismic Survey Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
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 Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Service
5.1.1 Data Acquisition
5.1.2 Data Processing and Interpretation
5.2 By Sector
5.2.1 Oil and Gas
5.2.2 Wind
5.3 By Geography
5.3.1 Thailand
5.3.2 Singapore
5.3.3 Indonesia
5.3.4 Malaysia
5.3.5 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
6.1 Mergers and 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 BGP Inc.
6.3.3 CGG SA
6.3.4 Fugro NV
6.3.5 ION Geophysical Corporation
6.3.6 PGS ASA
6.3.7 China Oilfield Services Limited
6.3.8 SAExploration Holdings Inc.
6.3.9 Schlumberger Ltd
6.3.10 TGS NOPEC GEOPHYSICAL COMPANY ASA (TGS ASA )
6.3.11 Shearwater GeoServices AS
*List Not Exhaustive 7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Subject to Availability
Southeast Asia Offshore Seismic Survey Industry Segmentation
Offshore seismic survey is the method for studying the sub-surface on the ocean floor through seismic waves. Vibrations in the waves are used to study the various rock structures beneath the sea floor. Factors such as the time taken for waves to bounce back and vibrations in the waves are characterized to study sub-surface layers beneath the sea bed. The Southeast Asia offshore seismic survey market is segmented by service, sector, and geography. By service, the market is segmented into data acquisition and data processing and interpretation. By sector, the market is segmented into oil and gas, wind, and other sectors. By geography, it is segmented into Indonesia, Thailand, Vietnam, Malaysia, and the Rest of Southeast Asia. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
By Service Data Acquisition Data Processing and Interpretation
By Sector Oil and Gas Wind
By Geography Thailand Singapore Indonesia Malaysia Rest of Southeast Asia
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Southeast Asia Offshore Seismic Survey Market Research FAQs
What is the current Southeast Asia Offshore Seismic Survey Market size?
The Southeast Asia Offshore Seismic Survey Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Offshore Seismic Survey Market?
Halliburton Company, Schlumberger Ltd., Fugro NV, PGS ASA and China Oilfield Services Limited are the major companies operating in the Southeast Asia Offshore Seismic Survey Market.
What years does this Southeast Asia Offshore Seismic Survey Market cover?
The report covers the Southeast Asia Offshore Seismic Survey Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Offshore Seismic Survey Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Offshore Seismic Survey Industry Report
Statistics for the 2024 Southeast Asia Offshore Seismic Survey market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia Offshore Seismic Survey analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Southeast Asia Offshore Seismic Survey Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
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