NEW YORK, October 4, 2016 /PRNewswire/ --
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"
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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