Growth of Seismic Technologies in the O&G Industry Powered by Novel Innovations
Moving seismic data to cloud and high-performance computing drive tectonic shift in geoscience workflows
In 1921, geophysical acquisition technology which involves the generation and acquisition of seismic data to image sub-surface geology revolutionized earth science and resource exploration. Seismic technologies have come a long way since then; they now have the ability to illuminate and image complex subsurface targets at lower acquisition costs. Operators are constantly looking for ways to improve acquisition, processing, and interpretation methods by leveraging the power of digitalization to improve workflow efficiency and reduce model uncertainties. High-performance computing, cloud, artificial intelligence, machine learning, and advanced visualization are prime levers that operators will use to not only unlock new insights into complex geology but also reduce cycle times from exploration to production.
Frost & Sullivan thinks that the next 10 years will be the most transformational period in the history of seismic technologies. Even as decarbonization takes center stage and governments restrict the flow of CAPEX dollars to fund new O&G exploration projects, operating companies are no longer willing to tolerate inaccuracies in seismic surveys, as 'dry hole' scenarios are unacceptable. Seismic technologies will serve as critical drivers that improve cost efficiency and reduce the break-even cost for all wells.
This study is focused on investigating the different approaches that exploration and production (E&P) operators take to accelerate the digital transformation of geoscience workflows in the context of volatile prices and the subdued demand outlook driven by the global decarbonization agenda. Even as E&P companies prioritize capital discipline over production growth, the deployment of enabling technologies in all phases of exploration, through to production and repurposing of end-of-life assets, can help achieve the right balance between well costs and well productivity even in a low-price environment as experienced during the last 7 years.
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