30502
Mideast Oilfield Services to Top $13b
Energy

Mideast Oilfield Services to Top $13b

Higher exploration and production expenditure, financial durability of the companies and customers are likely to drive oilfields services market in the Middle East to record revenues worth $13.4 billion by 2019, a report said.
The surge in active rigs in the Middle East, backed by shift in focus toward onshore drilling, will fuel regional drilling to record revenues worth $88.2 billion by 2019, Ken Research, a leading global industry research and information service company, said in a report, Trade Arabia reported.
The oilfield services are used at every stage of the life cycle for oilfield development, including exploration, production, drilling, well intervention and development, completion, waste management and other development stages of the life cycle of an oilfield. Middle East oilfield services were valued at $9.7 billion in 2014, driven by higher enhanced oil recovery and a rise in mature fields, the report said.
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 oil services companies in the Middle East as compared to any other geographical locations, the report added.
Middle East's drilling services industry demonstrated strong fundamentals, a well-built growth and increased activity as compared to any other region during 2009-14.
The report also said demand for drilling services is rising with growing drilling activities in both onshore and offshore oilfields.
The cost of operating drilling rigs is an important factor when considering which oil regions are suffering the most in the current low oil price environment.
The drilling market in the region is likely to face marginal slowdown in terms of revenue growth, owing to subdued crude oil prices, the report speculated.
However, in the long run, the prices of crude oil will become stable, along with the prospects of a surge in drilling demand, Ken Research said, adding that players operating in the drilling and oilfield services have to enhance their E&P expenditure.

Short URL : http://goo.gl/QcEUDd
  1. http://goo.gl/68Qgdp
  • http://goo.gl/K3AaL3
  • http://goo.gl/EoltWS
  • http://goo.gl/pBVDMS
  • http://goo.gl/Opg8ol

You can also read ...

Production From SP  Oil Layer Resumes
Crude production from the oil layer of South Pars in the...
Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...

Trending

Googleplus