Iran Oilfield Services Market expected to Grow at a high CAGR through 2028
Increasing oil & gas investments and
rise in deep-water projects in the country are expected to drive the Iran
Oilfield Services Market.
According to TechSci Research report, “Iran
Oilfield Services Market - By Region, Competition Forecast & Opportunities,
2028”, Iran Oilfield Services Market is projected to grow at a rapid rate
in the forecast period owing to the surging need for energy coupled with
increasing production & exploration activities in the oil & gas
industry. Moreover, rise in deep-water projects are likely to offer robust
opportunities and onshore rigs are likely to dominate in the Application segment
in Iran due to major availability of
hydrocarbons, in both Onshore and Offshore.
Iran’s petroleum consumption is
currently about 1715 thousand barrels per day. Iran plans to invest USD11
billion in November 2021 to increase its offshore fields' daily gas production
capacity by 240 million cubic meters. The North Pars field would receive USD4
billion of the overall investment, while the offshore Kish gas field, Phase 11
of the South Pars field, and the onshore fields of the Iranian Central Oil Fields
Company would receive the remaining funds. The North Pars Gas field would
receive USD4 billion of the entire investment, while the offshore Kish petrol
field, Phase 11 of the South Pars field, and the onshore fields of the Iranian
Central Oil Fields Company would receive the remaining funds.
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spread through xx Pages and an in-depth TOC on "Iran Oilfield Services Market.”
Based on Services, Drilling Services is
the dominant segment in Iran Oilfield Services Market as the main component of
the well, as well as the rig, are both maintained in the drilling service. For
the oil, gas, and petrochemical industries, drilling service providers are distributors
of a broad range of oilfield supplies, including mud pumps, BOPs, drill
collars, fishing equipment, and downhole tools. The leading oil and gas
operating corporations are under increasing pressure to boost production in
order to keep up with the rising demand for energy. As conventional fields are beginning to mature,
some operating corporations have moved their attention to utilizing
unconventional reserves. As a result, it is anticipated that there will be an
increase in demand for various drilling services such as onshore contract
drilling, directional drilling equipment rental, measurement while drilling
(MWD), and logging while drilling (LWD).
Key market players in the Iran Oilfield
Services Market include:
- National Iranian Drilling Company
- Well Services of Iran (Schlumberger
Methods)
- Mehran Engineering & Well Services
- Petro Danial Kish Company
- Sea Land Engineering and Well Services
- Great Wall Drilling Company Limited
- Overseas Technical Services Kish (LLC)
- Dana Energy Company
- Wide Pars Energy-Gostar Drilling and
Exploration Company (PEDEX)
- CNPC Bohai Drilling Engineering Company
Limited.
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It is projected that in the upcoming
years, Iran's energy demand would increase swiftly. The country's rising
population, rising living standards, and chances of coping with the United
States' easing of sanctions are all factors that contribute to this rise in
demand. Petroleum fuel continues to be a significant source of energy
worldwide, despite the fact that new and renewable energy sources are becoming
more and more popular. The oilfield services market will likely continue to
expand due to this tendency, which is predicted to last for several decades.
Given that they allow for simpler
distribution and that the nation is bordered by unstable regimes, oil and gas
pipelines have grown to be a significant source of interest. For instance, in
2021, Iran's state-owned refiner National Iranian Oil Refining and Distribution
Company (NIORDC) signed a preliminary agreement worth USD 398.74 million with
the privately held Bank Mellat to finance the construction of a new pipeline
for oil products capable of transporting 150,000 barrels per day, which will
supply northeast Iran and possibly also help the flow of products to its
eastern neighbors. The 1,000 km pipeline, known as Tabesh, is anticipated to run
through southern and central regions before coming to an end at the
Iranian-Afghanistan border. Iran estimates that it will be finished in 2025.
“The Iran
Oilfield Services Market is expected to expand during the projected period.
Factors such as increasing consumption of oil and gas and increasing production
& exploration activities in the oil & gas industry, rise in deep-water
projects, increasing natural gas pipeline capacity and the increasing demand
for petroleum products will drive the market,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Iran Oilfield Services Market By Application
(Offshore and Onshore), By Type (Field Operation and Equipment Rental), By Services
(Drilling Services, Mud Engineering, Wireline Services, Pressure Pumping
Services, Cementing Services, and Drilling Waste Management Services), By
Region, Competition Forecast & Opportunities, 2028,” has evaluated the
future growth potential of Iran Oilfield Services Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Iran Oilfield Services Market.
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