Mapping Mexico's Opportunities

Q: How has Bell Geospace evolved and what opportunities do you see in Mexico?

A: We have traditionally focused on our projects in East Africa and Southeast Asia and in our recent success working in unconventional fields in the western part of Texas, where we introduced a technological application related to static correction and shallow hazard protection. We believe this is a product we could most easily bring to Mexico since this segment is still untapped in the country and we think that our chances are good as an early market competitor. We have operated in the market for over 20 years although some companies still consider gravity gradiometry a new technology and are largely unfamiliar with it. This is where we see opportunities to obtain clients and get more companies to use our data, such as potential clients we might obtain in Mexico. 

Q: Which projects would represent opportunities for you in Mexico?

A: There has been a need for static correction for a long time and that should translate to market opportunities in different areas, as normally happens all over the regions where we operate. We have a lot of deepwater project experience on the US side of the Gulf of Mexico, with significant examples for where the data has been used, so we are confident that our footprint there will extend to Mexico in both the exploration and development phases. There is a little bit of difference in the delivery of the technology but in the end, data is the same. Gravity Gradiometry can enhance 2D seismic for companies that are more budget conscious but there are also applications for companies with interpretation challenges with their 3D seismic. 

Q: How is Bell Geospace contributing to the service value chain?

A: The value chain is open for all of us since there is such a dearth of information and as an experienced company we are fast when turning things around. We can get the data, process it and provide answers quickly, presenting opportunities for us. Our technology is unique because we measure the density whereas seismic companies measure the velocity, and we put these components together to get a different approach to the measurement and to identify different types of problems. A big chunk of our technology is developed in-house, with some partners bringing their own experience to the table and looking for niche applications. 

Q: What are some of the similarities you find between the Mexican geology and other places you have worked?

A: We worked in Mexico before in a fairly large project with PEMEX and we realized that some parts of the geology were pretty similar to that of the US Gulf of Mexico. We see things that might be a different geology but the same kind of imaging. Our group of geoscientists do pre-survey modeling and we can show examples that may be completely unrelated geologically but that pose the same types of issues. When it comes to the clients, we work with them to make sure we bring the expertise from the data side and the clients bring knowledge from the geologists to see where things would fit for them according to their needs. 

Q: How do you see your market potential in Mexico expanding over time? 

A: It depends on how the regulations shape the industry. As long as they are not overwhelming, and the market does not become over-regulated, we can be a reasonablypriced data provider operating in the Mexican market. It is encouraging to see new discoveries happening and companies moving in to see what they can do to make the industry work here. Most of our previous work has been with large IOCs but we have also done work for the majors, such as PEMEX and PETRONAS, so both represent an opportunity. We also have a global salesforce so we can get started by delivering all the necessities right to the customer’s door.