Beyond the multi-client model—Past, present and future of exploration ///
In the past two years, the seismic industry, as a whole, has done better financially and has had more crews working than in prior years. But there are important niche issues not usually covered even in the oilfield media, such as business practices, new technology, the multi-client survey model and the relationship between seismic firms and oil companies. These are some key issues that underlie performance, revenue streams and reputation. World Oil recently conducted in-depth interviews with three key seismic industry movers—Apache Corp., Fairfield and WesternGeco—to get a more detailed picture of what is going on in these areas. The respondents were candid and detailed, and the answers were enlightening.
Question: What have been the most recent improvements in seismic industry efficiency? Were they business model or technological improvements?
Regarding business improvements, Mike Bahorich of Apache Corp. said, “The big news, and this means pre-2007, is the M&A activity, particularly with CGG buying Veritas . . .
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