Borehole Seismic Survey Market: Overview
Ongoing development has resulted in creating high demand for energy, which is largely met by using fossil fuels such as coal, crude oil, and natural gas. Crude oil and natural gas have become an important part of the global energy mix and demand for these is increasing as the requirement for energy is rising. High investments are being made for exploration of oil and gas resources. Exploration and production of oil and gas comprises several services such as wellbore services and drilling services. Borehole seismic survey is one such service that is employed for exploration of oil and gas resources.
Borehole Seismic Survey Market: Drivers & Restraints
Borehole seismic survey is one of the most versatile downhole measurement techniques employed in exploration of oil and gas resources. Borehole seismic survey, also known as vertical seismic profile (VSP), results in linking of time-based surface seismic images with depth-based well logs. However, with the advent of technology, borehole seismic surveys have expanded beyond the time–depth correlation, due to development of improved data acquisition tools. They provide important information to exploration and production companies. From this information, these companies derive data about depth, extent, and heterogeneity of reservoirs, pore pressure, mechanical properties of rocks, fluid content, etc. Borehole seismic surveys use body waves, which are emitted by either a point source or frequency sweep sources. These waves consist of primary or compressional P-waves and secondary or shear S-waves. These waves travel from the point of origin to the borehole receiver deployed at depths. Signals recorded by borehole receivers depend on the survey geometry, type of incoming waves, and type of the receiver. The ability of borehole seismic surveys to record direct signals in a low-noise environment is a major advantage that it offers over surface seismic surveys. A majority of borehole seismic surveys use waves from vibrating trucks, air guns, or dynamite sources.
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Borehole Seismic Survey Market: Key Segments
Based on type, the global borehole seismic survey market can be segmented into zero-offset VSP, deviated-well VSP, offset VSP, walkaway VSP, and others. Zero-offset VSP has a near-borehole seismic wave source and a borehole seismic receiver array. This method collects wave reflection from a restricted window around the borehole. In deviated-well VSP, the seismic source is always directly above the borehole receiver in a horizontal or deviated well. In offset VSP, the seismic source is placed at a horizontal distance from the well bore producing a 2D image. Walkaway VSPs are somewhat similar to offset VSPs in terms of location of seismic source from wellbore; however, the acquisition geometry is reversed. The others segment comprises borehole seismic surveys such as 3D VSP, crosswell VSP, and reversed VSP.
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Borehole Seismic Survey Market: Regional Outlook
Based on region, the global borehole seismic survey market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to lead the global market during the forecast period, owing to increasing exploration of shale gas reserves in the U.S. and increasing investments in shale gas exploration in the region. The borehole seismic survey market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to rising investments in the oil & gas industry in the region, especially China and India. Middle East & Africa is expected to hold a considerable share of the global borehole seismic survey market during the forecast period.
Borehole Seismic Survey Market: Key Players
Some of the key players operating in the global borehole seismic survey market are Schlumberger Limited, Halliburton, GeoExpert AG, OptaSense, Weatherford, Borehole Seismic, LLC, DMT GmbH & Co. KG, TERRADAT UK LTD, and Baker Hughes, a GE company.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Companies in the Borehole Seismic Survey market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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