Seismic industry braces for major revenue drop

Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price.

According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent.

Exploration spending could drop by more than 20 per cent from its 2019 levels.

The hardest-hit area will be the acquisition of new geological and geophysical studies in recently acquired blocks and work on exploration wells yet-to-be-approved.

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