The Iran is in negotiation with foreign investors to bid for 50 oil & gas projects

Tehran: Iran is in negotiation & discussion phase with 16 international oil & gas companies for operating and managing 50 new oil & gas projects across the country. The oil & gas exploration & production projects in Iran is viable even at USD40 per barrel, thereby boosting the demand for oilfield service market in Iran. Azadegan field, at southwestern border of Iran would be the first project which will be open for bidding. This field require an investment of USD10 billion.

TechSci Research depicts that increasing investment in oil & gas project would surge the demand for oilfield service market in Iran. On account of removal of sanctions, advent of foreign players and anticipated rise in capital inflows, oilfield services market in Iran is expected to grow by 2021. Further, as a result of signing of a Joint Comprehensive Plan of Action (JCPOA) with P5+1 nations, in 2015, Iran is cutting down on its nuclear enrichment activities and is focusing towards increasing its crude oil production.

According to released report of TechSci Research “Iran Oilfield Services Market- By Application (On-Shore, Off-Shore), By Type, By Region Opportunities & Forecast 2021”, oilfield services market in Iran is forecast to grow at a CAGR of more than 13% during 2016-2021, on account of anticipated increase in oil & gas E&P activities. In 2015, onshore oilfield services segment accounted for a majority share in Iran’s oilfield services market; however, the offshore oilfield services segment is forecast to exhibit higher growth during 2016-2021.