New Wave Media

February 28, 2018

Magseis: Seismic Survey Market to Surpass $1.2 Bln in 2018

© donvictori0 / Adobe Stock

© donvictori0 / Adobe Stock

Norway's Magseis, which maps out the seabed for oil and gas deposits, expects the global seismic market to grow in 2018, its CEO, Per Christian Grytnes, said on Wednesday.

"We are fairly confident that we will see firm growth in 2018," Grytnes said during an oil conference.

"We are on tender for an extension contract with Saudi Aramco in the Red Sea. I think we are well-positioned ... We are optimistic," he later told Reuters.

"We expect the total market in 2018 to be above $1.2 billion."

"With obvious technology driving down the cost... we see an uptake in reservoir investments. Not necessarily in seismic exploration," he added.

(Reporting by Lefteris Karagiannopoulos, editing by Gwladys Fouche)

Norwayoil and gas depositsoil conference