Saudi Arabia Seismic Services Market Size

Saudi Arabia Seismic Services Market Future Prospects

The Saudi Arabian seismic services market will generate an estimated revenue of USD 167.8 million in 2024, and it is expected to reach USD 193.8 million by 2030, growing at a significant CAGR of 2.4% between 2024 and 2030.

The growth of the market is driven by the increasing adoption of the multi-client approach in seismic services, rising investment in the oil & gas sector, and surging count of deepwater projects. This is because seismic services play an important role in the production and exploration of oil & gas resources, helping companies reduce risk and optimize drilling operations.

Saudi Arabia is the largest oil exporter in the world and has the largest number of oil & gas reserves. According to the Organization of the Petroleum Exporting Countries, in 2022, there were proven crude oil reserves of 267,192 million barrels in the country. The Government of Saudi Arabia is continuously investing in E&P activities to maintain its position as the leading global oil & gas exporter. Seismic services are essential for identifying new reserves, optimizing production from existing fields, and extending the lifespan of mature fields.

The increasing pace of advancement in imaging technologies, including 3D and 4D seismic surveys, provides better imaging. This offers information on exploration and reservoir management to oil companies, to make a quick decision.