Iran Oilfield Services Market to Grow at CAGR 13% till 2021
Uplifting
of sanctions, increasing foreign investments, and growing oil & gas sector to
propel the demand for oilfield services market in Iran until 2021
According to recently
released TechSci Research report “Iran Oilfield Services Market By Application,
By Type, Competition Forecast and Opportunities, 2011-2021’’, oilfield services market in Iran
is forecast to grow at a CAGR of over 13% during 2016-2021, on account of
increasing oil & gas exploration and production activities in the country
so as to meet the growing demand for crude oil from various end-use sectors such
as industrial, power plants, fertilizers, city gas distribution and
transportation. Oilfield services help smoothen the drilling process by
eliminating the waste produced during drilling, and assist in repair and
maintenance of bore wells.
Browse 17 market data Tables and 36 Figures spread
through 131 Pages and an in-depth TOC on "Iran Oilfield Services Market"
https://www.techsciresearch.com/report/iran-oilfield-services-market/1439.html
As of 2015, Iran
had the highest success rate of natural gas exploration i.e. 79% in comparison
with the global average of nearly 30% to 35%. Further, uplifting of sanctions and
establishment of new cost-effective transit routes, is anticipated to revive
oil & gas production in the country. Few of
the leading companies offering oilfield services in Iran are National Iranian
Drilling Company, Well Services of Iran
(Schlumberger Methods), Mehran Engineering & Well Services and Petro Danial
Kish Company.
Lifting up of the sanctions, along
with decline in crude oil prices is a major reason pushing growth in oil &
gas E&P activities in Iran. In addition, cheaper oil & gas exploration
cost in Iran make it a profitable venture for US based international crude oil
companies to explore oil in Iran, as the cost to produce a barrel of crude oil
in Iran is around $12.90 as compared
to around $36.90 in the US. However, in the face of challenges such as geo-political
issues, terrorism and chances of imposition of sanctions again, conservative
international companies would restrain from investing in Iran.
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“With the
uplifting of sanctions in the mid of January 2016, Iran is undergoing a major positive transformation, which
is leading to developmental activities being undertaken in oil & gas sector.
Advent of foreign players along with adoption of foreign technology has
resulted in better investment opportunities. With increasing number of nations
investing in E&P activities, the country’s oilfield services market is
anticipated to grow during 2016-2021. Moreover, release of frozen capital
from other nations will lead to rise and development of the economy of Iran;
thereby, fuelling growth in market for oilfield services in Iran,” said Mr. Laltu
Sinha, Manager Research with TechSci Research, a research based global
management consulting firm.
“Iran
Oilfield Services Market By Application, By Type, Competition Forecast &
Opportunities, 2011-2021”
has evaluated the future growth potential of Iran oilfield services market and
provides statistics and information on market size, share, structure, forecast
and future growth potential. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Iran oilfield services
market.
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