Iraq Oilfield Services Market is Driven by Rise in Output of Crude Oil, Maintenance of Aging Infrastructure and Drilling of New Wells: Ken Research

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Iraq Oilfield Services Market is Driven by Rise
in Output of Crude Oil, Maintenance of Aging
Infrastructure and Drilling of New Wells Ken
Research
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Stabilizing political Conditions and Large
Dependence of Iraqi Economy on Oil Revenue will
drive the market in Future. Demand for oilfield
service has registered constant increase in value
due to rise in output of crude oil over the
period of time before declining marginally in
2017. Fall in oil price was compensated by
increasing production in order to maintain the
level of revenue. 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 takeover of Mosul by
Islamic State militants in June 2014 had fueled
defense spending in 2013 and 2014, pinching the
national budget so much that investments towards
oil production are often insufficient to operate
at max capacity leading to poor demand for
oilfield services. The revenue generation was
also impacted by maintenance of wells which have
already aged and need significant investment in
developing the infrastructure.
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Southern Iraq maintained its dominant position in
both Iraq oilfield Services and drilling services
market. War in Northern Iraq was the main reason
for decline in demand. Demand for operation
related to oilfield services contributed the
majority of the revenue followed by engineering,
fabrication, and installations. Decommissioning
and new explorations and seismic services
contributed smaller share in 2017. 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
by Ken Research suggested that market for Iraq
Oilfield Services market will be driven by
political stability and increase in production
capacity. Global oilfield services companies
including Schlumberger, Halliburton, Weatherford
will maintain their dominant position and it is
expected that Chinese players may gain larger
market share in near future. Investment in
offshore projects is expected in the long run
which may further create additional demand for
offshore based oilfield services market.
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