Seismic Firms see Business Booming thanks to “Big Oil”

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Seismic Firms see Business Booming thanks to “Big Oil”

Written by Randy Post

Wednesday, 18 April 2007

"The age of easy oil is over," Schlumberger Chairman and CEO Andrew Gould said at a recent energy conference in New Orleans. This fact and rising oil prices has led to a dramatic surge in oil exploration, and therefore work for seismic firms. According to Yahoo! news, WesternGeco, Schlumberger's seismic division has over $1.1 Billion (yep, Billion) in backlog work. (Image by EnviroScan Inc.)

To give you an idea of what is driving these record profits at Schlumberger and other companies, according to the Yahoo! article, Exxon will invest in 20 new global projects over the next 3 years, and anticipates it's annual capital spending could be around $20 billion for the next decade. Almost enough to make me want to go into the oil business!

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