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Middle East Oilfields Services Market is estimated to record revenues worth USD 13.4 billion by 2019: Ken Research
Highlights
Higher E&P Expenditure, financial durability of the companies and customers are likely to drive growth of oilfields in Middle East
Middle East Oilfields Services Market is estimated to record revenues worth USD 13.4 billion by 2019: Ken Research
Higher E&P Expenditure, financial durability of the companies and customers are likely to drive growth of oilfields in Middle East
Middle East Drilling Market is estimated to record revenues worth USD 88.2 billion by 2019. The surge in active rigs in the region, backed by shift in focus towards onshore drilling is projected to fuel market growth
Ken Research announced its latest publication on “Middle East Oilfields and Drilling Services Market Outlook to 2019 – Future Growth led by Deepwater Drilling and Quest for Increased Production” which presents a comprehensive analysis of the drilling and oilfield services industry, including market size of the drilling and oilfield services at the Middle East level. The market for oilfields and drilling services has been individually covered and comprehensively explained.
The market for oilfields in Middle East has been segmented on the basis of geography, services and applications. The competition profile is covered in detail with the market share been explained for each services involved in oilfield services market with detailed company profile of each player. On the other side, drilling services market has also been segmented on the basis of geography, services and applications. The report shed light on the business model adopted by the drilling service providers in Middle East.
Moreover, the report analyzes the performance of every country in drilling and oilfield services domain, by showcasing the market size of each country. The report also entails a detailed description on the recent trends and developments in the market, government regulations and the macroeconomic factors which have a direct bearing on the market.
The oilfield services are used at every stage of the life cycle for development of oil field including exploration, production, drilling, well intervention and development, completion, waste management and other development stages of the life cycle of an oilfield. Middle East OFS industry valued to around USD 9.7 billion in the year 2014, driven by the increased Enhanced oil recovery (EOR) and increased number of mature fields. The presence of huge reserves in the region out of which many are yet to be explored and exploited presents an extensive market to the OFS companies in Middle East as compared to any other geographical locations across the globe.
The OFS industry in Middle East is likely to witness a CAGR of ~% from 2015 to 2019 and shall value to approximately USD ~ million by the end of 2019. Each company in the market have to develop and deploy technology which will enable the producers to increase exploration and production levels, enhance probability of success rates, reduce operational costs, reduce drilling rig time and support faster production, so as to establish itself as a technological leader and sustain a large market share over a significant period of time.
The drilling services industry of Middle East demonstrated strong fundamentals, a well-built growth and increased activity as compared to any other region across the globe during the past few years 2009-2014. The demand for drilling services is budding up with growing drilling activities in onshore as well as in offshore oil fields. Some of the drilling services like directional drilling, land drilling, offshore drilling, well service and work over are becoming essence, with the amplified development of oil & gas exploration and production activities.
The cost of operating drilling rigs is an important factor to bear in mind when considering which oil regions are suffering the most in the current low oil price environment. The drilling services market in Middle East is likely to face marginal slowdown in terms of revenue growth, owing to subdued crude oil prices. However, in the long run the prices of crude oil will become stable along with the prospects of surge in drilling demand.
The Research Analyst, at KenResearch.com recommends that the players operating into the drilling and oilfield services have to enhance their E&P expenditure. Moreover, as per the scenario, most of the wells in Middle East are drilled onshore. However, as the companies are projected to venture into the offshore markets, the offshore applications of these techniques is likely to witness an increase especially in the regions such as UAE, Saudi Arabia and Oman where the onshore drilling market share is anticipated to deteriorate.
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