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: Ken Research

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The report titled “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” provides a comprehensive analysis of the oilfield services market in Iraq. The report covers aspects such as overall market size, segmentation by region, type of oilfield services along with competition analysis of major players including Schlumberger, Halliburton, Baker Hughes, Weatherford, Zpec, COSL, Gigamesh, Iraqi drilling company, Genel. The study also includes strength and weakness of major players and government regulations, latest trends and development in the sector. The future analysis of oilfield services market by region has been discussed along with analyst recommendations.

Market Size: In 2012, the market posted positive growth rate over the previous year and the revenue was estimated at around USD ~ million. The Iraq’s drilling industry has showcased double digit growth reaching USD ~ million in 2013 despite the fact that Iraq’s economy continues to be affected by the ongoing civil unrest and terror activities. Drilling industry reported decline in revenue in 2015 to USD ~ million which further continued in 2016 to revenue of USD ~ million. It registered a minor recovery in 2017 with a growth of USD ~ million.

Number of Wells: The number of completed wells is an important indicator of overall size of the drilling industry, since well completion is the process of preparing an oil or gas well ready for production. The number of completed wells was highest in 2013 and minimum in 2016. Number of producing wells in Iraq drilling stood nearly at ~ in 2016, as compared to ~ in 2012 growing at four year CAGR of ~% over the period. The number of active rigs declined to ~ in 2016 as compared to a figure of ~ in 2012.

Market Segmentation: Drilling services business in North of Iraq is limited due to problem of ISIS and separatist movement of independent Kurdistan. Even though production of oil was not halted, it declined significantly. It has been estimated that revenue from drilling new wells and providing other drilling related services generated revenue of USD ~ million (Provisional Estimates) in 2017. Southern Iraq was the major producer of oil in Iraq and accounted for majority of drilling related activity. Drilling and related services generated an estimated USD ~ million in 2017.

Iraq Oilfield Services Market

Market Size: Revenue from oilfield service increased from USD ~ million in 2012 to USD ~ million in 2017. Revenue recognition was mainly done by major oilfield services companies which include Schlumberger, Halliburton, and Baker Hughes. Many Chinese companies have also made market entry in Iraq. The market for oilfield services registered constant increase in revenue in the period 2014-2017. The revenue generation was mainly attributed to increase in oil production and maintenance of wells and rigs which have already aged and need significant investment in developing the infrastructure.

Market Segmentation: Northern Iraq includes the oilfield in Kurdistan region and in 2017; it has been marred with conflicts from ISIS and separatists for independent Kurdistan. Oilfield services generated estimated revenue of USD ~ million in 2017. Majority of the revenue was from operation maintenance and production related services. Nearly ~ million barrel of crude was pumped every day which required continuous maintenance. Aging infrastructure for oil production was other reason for high demand of oilfield services. Southern Iraq generated estimated revenue of USD ~ million. Production related oilfield service was the highest as production was high in 2017.

Engineering fabrication and installation contributed ~% of the revenue worth USD ~ million from oilfield services industry. Operation related services registered revenue of USD ~ million in 2017. Exploration reservoir and seismic services accounted for a share of ~% worth USD ~ million in the total revenue of oilfield services industry in Iraq, as recorded in 2017.

Competition among Major Players
Oilfield services in Iraq were largely dominated by Halliburton with an estimated market share of ~% of the oilfield services industry with majority of the projects under execution are in south of Iraq. Schlumberger was the second largest player with an estimated share of ~%. It has presence in both north and south of Iraq with estimated revenue seeing sudden jump in 2017 due to completion of IDS project in the third quarter. Minor contribution was made from Weatherford and Baker Hughes accounting for ~% of the revenue. Other oilfield services companies contributed remaining ~% of the revenue. These include COSL, ZPEC, Gilgamesh, Iraqi Drilling Company, and many others.

Future Outlook

Oilfield Services Market: The revenue from oil field services is expected to increase from USD ~ billion in 2018 to USD ~ billion in 2022. The government of Iraq captured the Kurdistan region from rebels and this has negative impact on oil production and exploration services in the short run. Once the situation stabilizes, it is expected that oil production will resume to normal. It is expected to affect the production by ~ bpd from Kurdistan region. The Oil Ministry invited bids to develop three fields in southeastern Maysan province, Dujail, Kumait and Rifai.
Drilling Services Market: It is expected that drilling will pick up much higher growth in northern Iraq as political situation improve due to ouster of ISIS. The market is expected to reach an estimated USD ~ million by 2022 registering a five year CAGR of ~% in 2017-2022.

Key Topics Covered in the Report

  • Major Oilfields in Iraq
  • Value Chain in Iraq Oilfield Services Market
  • Market Size of Iraq Oilfield Services Market by Revenue
  • Market Segmentation of Iraq Oilfield Services Market by Type and by Region
  • Market Size of Iraq Drilling Services by Revenue, by Number of Completed Wells, by Number of Active Rigs
  • Market Segmentation of Iraq Drilling Services Market by Region
  • Trends and developments in Iraq Oilfield Services Market
  • Government Rules and Regulations
  • Strengths and Weaknesses of Major Companies in Oilfield Services Market
  • Cause Effect Relationship
  • Future Outlook to Iraq Oilfield Services Market and Iraq Drilling Services Market.
  • Analyst Recommendation
  • Macroeconomic Factors Affecting Iraq Oilfield Services Market

Source: https://www.kenresearch.com/energy-and-utilities/oil/iraq-oilfield-drilling-services-market-2022/142306-103.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com
+91-9015378249
www.kenresearch.com

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