Iran overtakes Saudi to becomes India's top crude oil supplier
Iran: Iran sold 759,700 barrels
of oil per day to India in October 2016 which is larger than 717,000 bpd of oil
sold by Saudi Arabia. Due to sanctions, Iran’s oil output had been continuously
declining as many countries shied away from Iran’s crude or took less crude
oil. But as the nuclear deal with Iran was struck, sanctions were lifted and
once again the Iranian oil & gas sector started to flourish with all big
major oil & gas corporations flocking to the country to get their pie of
share. This was followed by advent of foreign players and anticipated rise in
capital inflows, oilfield services market in Iran is expected to grow by 2021. This
in turn is expected to result in augmented demand for oilfield services during
2016-2021.
TechSci Research forecasts onshore oilfield services segment will account
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. Directional drilling and hydro
fracturing services accounted for the largest share in the oilfield services
market in Iran, followed by mud engineering services, wireline services, etc. In
Iran, Isfahan, Kermanshah and Mashhad regions accounted for the largest share
in the oilfield services market, in 2015, on the back of large scale oil &
gas exploration and production activities being undertaken in these regions.
According to released report
of TechSci Research “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 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