Iraq Oilfield Services Market is Expected to Reach USD 11.2 Billion in 2022: Ken Research
Posted on 27 December 2017 by KenResearch Energy and Utilities,
Iraq Oilfield Services Market by Region (North and South), by Type (Operations, Engineering and Fabrication, Reservoir/ Seismic Services and Exploration, Decommissioning). Iraq Drilling Services Market by Region (North and South) Market Share of Major players in Iraq Oilfield Services Market (Schlumberger, Halliburton, Weatherford, Baker Hughes and others).
December 2017 |Iraq News
- End of ISIS control in northern Iraq and political stability in country is expected to have positive impact on development of oil and oilfield services industry in the country.
- Foreign companies are expected to continue their dominance in the Iraqi oilfield services market as domestic companies lack technology and R&D infrastructure.
- Drilling Services will pick up demand as Iraq expands its oil production capacity to more than 6.0 million barrels per day.
- Iraq drilling and oil field services is expected to register double digit growth in the Northern Iraq with services mainly related to repair and maintenance of damaged wells during war.
The Oil Ministry invited bids to develop three fields in southeastern Maysan province, Dujail, Kumait and Rifai. The Ministry of oil in Iraq has projected that country will be able to achieve an output of 6 mbopd by 2021 with majority of the oil coming from south of Iraq. Iraq is planning to start offshore oil and gas exploration to boost the OPEC nation’s reserves. All these factors are expected to have positive impact on demand for oilfield services in the country. Rising production will remain the key driver for demand for oilfield services in future with majority of the revenue coming from operation, engineering, fabrication, and installation. Seismic exploration of new areas as well as reconstruction of oilfield in the northern part is expected to drive the market in the next two years.
New investments in oil and gas sector are expected to be marred by increased defense budget and stabilizing the socio economic conditions of the country. Fear of internal conflict and poor stability of the political regime in the country creates negative investment sentiment. Lack of clarity on regulation and poor foresightedness of the government in development of oil sector may further impact the development of oilfield services in the country. Corruption is another factor that may have negative impact on investment sentiments.
Market for oil field services will be largely driven by increased production capacity and drilling industry will be largely driven by government’s plans to further enhance the production capacity. Stability in North is expected which will have positive impact on the overall oilfield services market. Schlumberger, Weatherford, and Halliburton are expected to remain the largest oilfield services company in the country. Significant rise of Chinese companies is expected considering the increased trade of oil and investment of Chinese companies in oil and gas sector of Iraq. Domestic companies in the country are also expected to gain some business but growth is expected to be much lower due to lack sufficient capital and technology.
Analysts at Ken Research in their latest publication Iraq Oilfield and Drilling Services Market by Region (North and South Iraq), by Oilfield Service Type (Operations, Engineering and Fabrication, Reservoir/ Seismic Services and Exploration, Decommissioning) - Outlook to 2022 believe that promoting political stability through dialogues and negotiations and promulgating favorable laws that promote investment sentiments among foreign investors will give boost to the oil and gas sector in the country. Investment in R&D related to detailed and scientific exploration will help better assessment of oil and gas potential and selection of area for further drilling and auctioning new field for further development.
Iraq oilfield services market is expected to register positive CAGR during the period 2017-2022. High dependency of economy on oil revenue and stabilizing political situation are expected to have positive impact on the demand for oilfield services.
The report provides information on market size of the Iraq Oilfield Services and Iraq Drilling Services Market, market segmentation on the basis of type of service, by region, and market share of major companies.
Key Topics Covered in the Report
Major Oilfields in Iraq
Iraq Oilfield Services Market
Value Chain Oilfield Services Iraq
Market Size Iraq Oilfield Services
Oilfield Services Market Trends
Number of Completed Wells Iraq
Number of Active Rigs Iraq
Iraq Oilfield Services Industry
Drivers Oilfield Services Iraq
Trends Iraq Oilfield Services Market
Government Regulations Oilfield Services
Major Companies in Oilfield Services Market
Future Iraq Drilling Services Market
Oilfield operations revenue Iraq
Schlumberger Revenue Iraq
Halliburton Market Share Iraq
Seismic Exploration Oilfields Iraq
Political Situation Iraq Oilfields
North Iraq Oilfield Market
South Iraq Oilfield Services Market
Weatherford Market Share Iraq
Decommissioning Services Oilfield Iraq
Seismic Services Iraq Oilfield Market
For more information about the publication, refer to below link:
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Ankur Gupta, Head Marketing & Communications