Contact Information: Media Contact: Pamela Griffin GriffinGlobal for SMT +1 713 444 6409
SMT Reports Geoscientists See Coming Increases in Oil Prices
Survey Respondents Also See Increasing E&P Industry Spending Ahead
| Source: SMT
HOUSTON, TX--(Marketwire - December 15, 2009) - Geoscience professionals anticipate an increase
in oil and gas exploration budgets in 2010, according to survey data
announced today by SMT, a leader in geoscientific interpretation software.
Results of the company's annual Geoscientist View of the Future Survey
further indicate that respondents anticipate the price of crude will remain
between $50 and $100 per barrel in 2010, but climb beyond $100 by 2014.
Sixty percent of respondents indicated that exploration budgets would
likely increase in 2010. This expected increase is substantially higher
than the previous year's survey, in which only 43 percent of respondents
anticipated an increase in 2009.
"It's an optimistic assessment," said Indy Chakrabarti, Director of
Marketing for SMT. "It indicates a number of things, including an improved
economic climate, an upsurge in competitive strength among exploration
companies worldwide, and the benefits of advanced seismic technologies.
Today's seismic technologies offer unprecedented visibility of subsurface
conditions, and we believe that exploration companies are investing in and
better utilizing this technology as a means of minimizing risk and driving
business results."
The survey also indicates that the majority of respondents expect the price
of oil per barrel to be between $50 and $100 in 2010, increasing to between
$100 and $150 by 2014. This outlook aligns with most analyst predictions.
Approximately 50 percent of respondents predicted global peak oil supply to
occur either between ten and twenty years from now, or beyond twenty years.
The other 50 percent indicated that it had already occurred, or would occur
within the next ten years. Chakrabarti commented that this data would serve
as a principal "hot topic" for industry debates and forums in 2010.
"The issue of global peak oil has powerful economic and industry
implications," he said. "As seismic technology continues to evolve, it will
play an increasing role in assessing reservoir conditions and oil supply.
Thus, we will continue a lead role in conducting surveys and monitoring
market conditions to provide technological assessments as this issue
manifests over the next few years."
Commenting further on the survey results, Chakrabarti noted, "SMT routinely
conducts research to understand market conditions and to identify and
analyze emerging trends. The results of this year's survey generally align
with analyst predictions but hearing directly from the geoscience business
community certainly helps us understand better how the market perceives
energy trends and where to focus our investment in science to improve
capabilities in E&P interpretation."
To view more details about SMT's 2009 Geoscientist View of the Future
survey, visit: www.seismicmicro.com/Survey2009
About SMT
Seismic Micro-Technology, the market leader for geoscience software, helps
organizations find oil and gas faster. The company's KINGDOM software
allows geoscientists to focus on the analysis, not on managing the tools.
SMT software enables intuitive interpretation, 3D modeling, analysis and
data management, in one integrated executable. Customers can install and
interpret data in the same day. With 2,700 customers in 95 nations, SMT has
demonstrated performance proven to scale. SMT is headquartered in Houston,
Texas with offices in Abu Dhabi, Calgary, Croydon (UK), Moscow and
Singapore. For more information, visit www.seismicmicro.com.