Iraqi Drilling Contract Awarded to Halliburton by Shell Iraq

Iraq: A contract has been signed between Halliburton and Shell Iraq Petroleum Development for Shell’s Majnoon oil field in Southern Iraq. The objective of the contract is to have sustained production of oil & gas in Iraq. Halliburton reserved the right to mobilize 3 rigs to drill development wells as per the contract during 2017-2019.

TechSci Research depicts that growth in drilling activity in Iraq would contribute to the rising demand for drilling fluids in Iraq. With development of this field, a major step is being carried forward towards reconstruction of the oil & gas industry in Iraq thereby promoting the economic growth of the country. The contract will ensure engineering, procurement, fabrication and construction management services for oil & gas projects in the region. The development of oil fields would generate the demand for drilling fluids that will be used during the drilling activities in Majnoon oil field, thereby driving the demand for drilling fluids market, globally.

According to released report of TechSci Research “Global Drilling Fluids Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2011 – 2021” The global market for drilling fluids is forecast to grow at a CAGR of over 8% during 2016-2021, on account of anticipated increase in oil & gas drilling activities. In 2015, North America dominated demand for drilling fluids across the globe, followed by Asia-Pacific. Moreover, water based drilling fluids dominated global drilling fluids market, due to their environment friendly properties and cost effectiveness.