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I&R - The Global Oil & Gas Exploration: Advanced Exploration Market 2015

  • June 2015
  • -
  • Investment and Research
  • -
  • 194 pages

Oil and gas exploration was once a painstaking, inefficient and time consuming activity. Prospectors looked for surface seepages from underground reserves, which occur only over a small proportion of deposits. Today, technological innovation allows more efficient management of fields and better evaluation of exploration prospects, reducing the need to drill numerous exploratory wells thus saving money and minimising environmental damage. A combination of high oil prices, improved extraction technologies, increasing global energy demands, and supply concerns including; declining production, depleting production fields, maturing reservoirs and increasingly more difficult frontier exploration that is deeper, more complex and more remote - is creating new opportunities for growth in the advanced oil & gas exploration technologies market.
Lower oil prices from Q414 going into 2015 have substantially reduced the economic viability of a number of projects driving a reduction in capital expenditure (capex) in 2015 as well as project delays and cancellations. Among just eleven of the largest oil and gas companies that have so far released estimated full year 2014 financial results, US$41.5bn has been wiped off capital expenditure budgets from 2014.

The Global Oil & Gas Exploration: Advanced Exploration Market 2015 report analyses how this vitally important market will develop over the next five years. The report quantifies the market in terms of global size and breaks the market down into sub-markets and seven regional markets, as well as examining the major technologies utilised, analysing which regions will drive growth for each technology, and current drivers and restraints influencing the market.

The report also describes the most important technological changes within the advanced oil & gas technologies industry and assesses their importance for the growth of the market over the long-term. The various drivers and restraints of the market are evaluated in order to provide readers with specific insights into the future direction of the exploration technologies market.

Why you should buy theGlobal Oil & Gas Exploration 2015 ?

- 194 pages of comprehensive analysis
- 61 tables, charts, and graphs quantifying the market in detail
- Global Oil & Gas Exploration: Advanced Exploration Market forecasts between 2015 and 2020
- Five year market forecasts for 3 Global Oil & Gas Exploration: Advanced Exploration submarket forecasts including:
- Seismic Exploration Technologies
- Remote Sensing Technologies
- CSEM Exploration Technologies

- Profiles of the 41 leading companies within the Global Oil & Gas Exploration: Advanced Exploration Market.
- SWOT analysis of strengths, weakness, opportunities and threats facing the Global Oil & Gas Exploration: Advanced Exploration Market over the next five years.
- You will receive regional market forecasts from 2015-2020 for Global Oil & Gas Exploration: Advanced Exploration Market in the following regions:
- Asia-Pacific
- Latin America
- North America
- Europe
- Commonwealth of Independent States (CIS)
- Africa
- The Middle East
- You will achieve a thorough understanding of the Global Oil & Gas Exploration: Advanced Exploration Market and how it will develop over the next five years.

You can order this report today and discover the latest market trends and uncover sources of future market growth for the Oil & Gas Exploration industry and gain an understanding of how to tap into the potential of this market by ordering The Global Oil & Gas Exploration: Advanced Exploration Market 2015.

Table Of Contents

IandR - The Global Oil and Gas Exploration: Advanced Exploration Market 2015
Executive Summary 15
Benefits of the Report 18
Intended Audience 18
Report Contributors 18
Methodology 19
Introduction To The Oil and Gas Exploration: Advanced Technologies 20
Oil and Gas Markets in 2015 20
Table 1: WTI and Brent Annual Forecast, US$/bbl 21
Figure 1: Spot WTI and Brent Oil Price, 1988-2020, ($/barrel) 22
Figure 2: Monthly Crude Oil Price Forecast, January 2012-May 2015 ($/barrel) 23
Figure 3: Global Share 0f Production In 2014 24
Figure 4: Global Share Of Production In 2020f 25
Figure 5: Global Oil Demand and Supply Forecasts, 2011-2020 (mb/d) 26
Natural Gas Outlook 26
Figure 6: Henry Hub Gulf Coast Natural Gas Spot Price 1998-2020f ($/MMBTU) 27
History of the Oil and Gas Exploration Market 29
Controlled-Source Electromagnetics (CSEM) 29
Remote Sensing 30
The Advanced Exploration Market in 2015 31
The Seismic Exploration Market 31
Figure 7: Marine Seismic Fleet Share By Company (%) 32
Figure 8: Global Seismic Vessel Technical and Acquisition Capabilities 33
Figure 9: Seismic Exploration Activity By Region, 2015 (%) 34
The Marine Electromagnetics (CSEM) Market 35
The Remote Sensing Market 36
The Advanced Exploration Market Outlook 36
The Short-Term Outlook 36
Overcapacity in Seismic and CSEM 37
The Medium-Term Outlook 37
Capex Fall As Oil Companies Delaying Investments in 2015 38
The Long-Term Outlook 38
Oil and Gas Exploration Methods 40
Reflection Seismology 40
Land Seismic 40
Marine Seismic 40
Modern Seismic Imaging 41
Three-dimensional (3D) Seismic Imaging 41
Two-dimensional (2D) Seismic Imaging 42
Four-dimensional (4D) Seismic Imaging 42
Non-Seismic Methods 42
Remote Sensing 43
Magnetometric Remote Sensing 43
Gravimetric Remote Sensing 44
Electromagnetics (EM) 44
Controlled-Source Electromagnetics (CSEM) 45
Magnetotellurics (MT) 45
Induced Polarisation (IP) 45
Contemporary Innovations in Oil and Gas Exploration 46
Multi-Azimuth (MAZ) Seismic 46
Wide Azimuth (WAZ) Seismic 46
Rich Azimuth (RAZ) Seismic 47
Multi-Component Seismic 47
Towed Streamer CSEM 48
Dual Sensor Streamers 49
Simultaneous Source Acquisition 49
Global SWOT of Industry 51
Strengths 53
Oil Demand 53
Reservoir Complexity 53
Frontier Markets 53
Weaknesses 53
Price Volatility 53
Contract Operations 54
Multi-Client Operations 54
Seasonality of Contracts 54
High Fixed Cost 54
Currency Fluctuations 54
Intense Competition 55
Hazardous Operating Conditions 55
Opportunities 55
Niche Markets 55
Technological Development 56
Growing Unconventional OandG Plays 56
Environmental Concerns 56
Nuclear Phase-Out 56
Threats 57
The Oil Price 57
Regulation and Government Policy 58
Political Instability 58
Legal Challenges 58
Technological Change 59
Global Advanced Oil and Gas Exploration Technologies Market Forecast 60
Table 2: Global Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 60
Figure 10: Global Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 60
Figure 11: Global Exploration and Production Market Forecast 2011-2020 ($m) 62
Table 3: Oil and Gas Exploration: Advanced Technologies Sub-Markets Forecast 2011-2020 ($m, AGR %) 62
Figure 12: Advanced Oil and Gas Exploration Technologies Submarket Share, 2015 (%) 63
Figure 13: Advanced Oil and Gas Exploration Technologies Submarket Share, 2020 (%) 63
Table 4: Seismic Exploration Technologies Market Forecast 2011-2020 ($m, AGR %) 64
Seismic Exploration Technologies Market Forecast 2011-2021 64
Figure 14: Seismic Exploration Technologies Market Forecast Market Forecast 2011-2020 ($m) 64
Remote Sensing Technologies Market Forecast 67
Table 5: Remote Sensing Technologies Market Forecast 2011-2020 ($m, AGR %) 67
Figure 15: Global Remote Sensing Technologies Market Forecast 2011-2020 ($m) 67
CSEM Exploration Technologies Market Forecast 69
Table 6: CSEM Exploration Technologies Market Forecast 2011-2020 ($m, AGR %) 69
Figure 16: CSEM Exploration Technologies Market Forecast 2011-2020 ($m) 69
Drivers and Restraints of the Oil and Gas Exploration: Advanced Technologies Market 73
Table 7: Drivers and Restraints of the Global Oil and Gas Exploration: Advanced Technologies Market 73
Drivers 73
Oil and Gas Prices and Related Factors 73
Restraints 74
Current Financial Conditions 74
Aggressive Patenting 75
Conservative Oil and Gas Companies 75
Limited Supply of Skilled Employees 75
Unfamiliarity of CSEM Data 76
Regional Advanced Oil and Gas Exploration Technologies Market Outlook 77
Table 8: Regional Oil and Gas Exploration: Advanced Technologies Markets Forecast 2011-2020 ($m, AGR %) 77
Figure 17: Regional Oil Supply Forecasts, 2011-2020 (mb/d) 79
Table 9: IOC Capex Cuts For 2015 (US$bn) 80
Table 10: Global Licensing Rounds, 2014 - 2015 - Frontier Plays 81
Table 11: Asia-Pacific Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, % Share, CAGR %) 83
Asia-Pacific Advanced Oil and Gas Exploration Technologies Market Forecast 83
Table 12: Asia-Pacific Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 83
Figure 18: Asia-Pacific Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 84
Maritime Dispute Affecting Exploration 85
Table 13: China Offshore Blocks On Offer 85
No Deepwater Gas Field for China in the Short Term 86
PTTEP Cuts Capex Due to Lower Oil Prices 87
Difficult Gas Climate in Bangladesh 88
India's Oil and Gas Developments, a Short-term Fix for Long-term Problem 88
Indonesian Deepwater Development Delays Prolong LNG Export Troubles 88
Table 14: Indonesia Major Upstream Projects 89
The African Advanced Oil and Gas Exploration Technologies Market Forecast 90
Table 15: African Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, % Share, CAGR %) 90
Table 16: African Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 90
Figure 19: African Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 91
Drilling Results Threaten to Derail Morocco's Investment into Offshore Exploration 92
Table 17: Morocco - Completed Offshore Exploration Wells, 93
Ineffective Policymaking and Price Delays Upstream Investment in South Africa 94
Egypt Boosted by Exploration Deals with International Oil Companies 95
Egypt's Underexplored Western Desert Offers Oil Production Upside 95
IOCs To Drive Growth Exploration Growth In Egypt 96
Frontier Africa Exploration Set For Slow-Down 97
Somalia's Onshore Exploration Locked in Limbo 97
Table 18: Main Exploration Contracts Puntland And Somaliland 98
Uganda's First Oil and Gas Licensing Round Unlikely to Hook New Companies 99
Table 19:Ugandan Oil Exploration Blocks To Be Offered 99
Tullow's East African Exploration Remains Positive 100
Table 20: Tullow Oil Kenya Exploration Results - January 2015 101
Kenyan Exploration To Remain Unscathed by Falling Prices 102
Figure 20: Oil Reserves of Selected Countries In Sub-Saharan Africa (mn bbl) 102
Africa Oil Share Sale to Finance Kenya Appraisal 103
Ivory Coast Diving for Ultra-Deepwater Buyers 103
ROA Frontier oil exploration under threat 104
The North American Advanced Oil and Gas Exploration Technologies Market Forecast 106
Table 21: North American Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, CAGR %) 106
Table 22: North American Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 106
Figure 21: North American Advanced Exploration Technologies Market Forecast 2011-2020 ($m) 107
Mexican Energy Sector Reforms 108
Pemex's Offshore Gas Development Starts New Era for Mexico 109
Offshore Development Supports Increased Gas Consumption 109
Arctic Exploration Delayed on Weak Oil Prices 110
Shell Gets Conditional Approval for Arctic Offshore Exploration 110
Table 23: CIS Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, CAGR %) 111
The CIS Advanced Oil and Gas Exploration Technologies Market Forecast 111
Table 24: CIS Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 111
Figure 22: CIS Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 112
Russian Arctic Exploration Without IOCs 113
Table 25: Russian Current and Potential Oil Resources (bn bbls) 114
Table 26: IOC Russian Interests On Hold 114
Kazakhstan to Continue Oil Exploration in Caspian Shelf in 2015 115
Turkmenistan Carries Out Major Shallow Water Caspian Sea Exploration 116
The Middle Eastern Advanced Oil and Gas Exploration Technologies Market Forecast 117
Table 27: Middle Eastern Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, CAGR %) 117
Table 28: Middle Eastern Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 117
Figure 23: Middle Eastern Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 118
UAE's Gas Discovery Brings Difficulties 119
ADCO Looking for More Partners 120
Attractive Opportunities in Saudi Arabia's Unconventional Gas Market 121
Iraq to Restructure Contracts to Tempt International Oil Companies 122
The Latin American Advanced Oil and Gas Exploration Technologies Market Forecast 124
Table 29: Latin American Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, CAGR %) 124
Table 30: Latin American Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 124
Figure 24: Latin American Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 125
Mexico's Shale Development Not on the Horizon Yet 126
Peru's Licensing Round Unlikely to Boost Oil and Gas Production Growth 126
Colombia's Frontier Oil Exploration Unlikely Despite Deepwater Discovery 127
Development of Unconventional Plays in Brazil Unfeasible 128
Figure 25: Map of Brazil Unconventional Hydrocarbon Basins 128
The European Advanced Oil and Gas Exploration Technologies Market Forecast 130
Table 31: European Oil and Gas Exploration: Advanced Technologies Market Forecast Summary 2015 and 2020 ($m, CAGR %) 130
Table 32: European Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m, AGR %) 130
Figure 26: European Oil and Gas Exploration: Advanced Technologies Market Forecast 2011-2020 ($m) 131
Arctic Expeditions Over 132
Bulgaria's Black Sea Exploration Tender Will Spark Little Interest 133
Onshore Bids Reflect Croatia's Attractive Exploration Profile 133
Table 33: Blocks On Offer In The First International Onshore Croatian Licensing Round, 2014 134
Oil Price Impact Beginning to Show in the UK North Sea 134
Figure 27: UK Exploration, Appraisal And Development Wells 2008-2015 135
Dampened Optimism for Greece's Latest Licensing Rounds 136
Table 34: Europe - Mediterranean Licensing Rounds, 2014-2015 - Frontier Plays 137
Industry Trends And Developments 140
CGG and Air Control Sign Agreement to Provide Airborne Geophysical Survey Services in Kazakhstan 140
Sterling Energy Commences 3D Seismic Survey in Ambilobe Block off Madagascar 140
Spectrum ASA Commences Phase 2 of the 2D Multi-Client Cross-Border Survey Offshore Namibia and South Africa 140
TGS's Revenues Fall Due to Decline in Seismic Data Services 141
Searcher Seismic Processing Seismic Datasets 141
TGS, Dolphin Agree Barents Sea 3D Seismic Survey 142
Polarcus Halfway Through a 3D Seismic Assignment Off Western Australia 142
Polarcus Asima Commences Seismic Acquisition in Phoenix Area Off Western Australia 142
KrisEnergy 2 Completes 2D Seismic Survey in SS-11 Block Off Bangladesh 143
Gardline-CGG Bags Deal from Spectrum for 2D Seismic Survey Off Western Australia 144
Seabird's Northern Explorer Bags LOI for 2D Seismic Survey in West Africa 144
CGG Bags Contracts from InterOil for Geophyiscal Survey Projects in PNG 144
Norwegian Seismic Explorer TGS Expects 2015 Revenue Fall 145
Seabird's Northern Explorer Bags LOI for 2D Seismic Survey in West Africa 145
Dolphin Geophysical Conducts 3D Seismic Survey in Block 50 Offshore Oman 146
WHL Provides Initial Interpretation of Seychelles 3D Seismic Survey Results 147
Swala Completes 2D Seismic Program Over Kilombero Basin in Tanzania 147
Polarcus Sees Increase in Seismic Vessel Utilization 148
Market Overview 149
Competitive Landscape 149
Leading Company Profiles 150
The ‘Big Three' Exploration Companies 150
CGG S.A. 150
Petroleum Geo-Services ASA (PGS) 152
WesternGeco 153
Major Exploration Companies 154
Breckenridge Geophysical 154
BGP Inc. 154
Dawson Geophysical Company 155
Dolphin Geophysical 157
Fugro N.V. 158
Gardline Marine Sciences Limited, 159
Geokinetics Inc. 160
Global Geophysical Services, Inc. 161
Ion Geophysical Inc 161
Schlumberger N.V 162
Seitel Inc. 163
Tesla Exploration, Ltd.; 165
TGS-Nopec Geophysical Company L.P. 165
Smaller Exploration Companies 166
Challenger Geophysical Ltd. 166
MultiClient Geophysical AS 167
Polarcus Ltd. 167
Reflect Geophysical Pte Ltd. 168
Offshore Geo-Survey Works Sdn Bhd 169
Paragon Geophysical Services, Inc. 169
SeaBird Exploration Norway AS 170
Searcher Seismic Pty Ltd 171
Shiv-Vani Oil and Gas Exploration Services Ltd. 172
Spectrum-ASA 172
Tesla Exploration, Ltd.; 173
Tidelands Geophysical Company Industries, Inc. 173
WGP Group 174
Specialist Seismic Companies 174
ARIS Geophysical Ltd. 174
GEORXT 175
Onesubsea 175
Specialist Marine EM Companies 176
Electromagnetic Geoservices ASA (EMGS) 176
PetroMarker AS 177
Rock Solid Images plc (RSI) 178
Remote Sensing Companies 178
ARKeX Ltd. 178
Geoex International 179
Nigel Press Associates Satellite Mapping (now Fugro-NPA) 180
Terra Energy and Resource Technologies Inc. 180
TTI Production 181
PrecisionHawk 181
Oil and Gas Exploration: Advanced Technologies Outlook 183
Concluding Observations 183
Observations on the Oil and Gas Outlook 183
Technological Trends in the Oil and Gas Exploration: Advanced Technologies Market 184
Glossary Of Terms 185
Methodology 190
How We Generate Our Industry Forecasts 190
Disclaimer 190
Appendix A 191
Appendix B 192

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