Iraq is concentrated with large number of giant and
super-giant oilfields, which needs to be developed thereby presenting huge
potential for major oil companies.
Demand for oil and petroleum products have grown
tremendously over the past few years, mainly on account of increasing
population and rapid economic development across the globe. In order to meet
the demand of a steadily growing market, Iraq is indulging into oil capacity
expansion by undertaking large export infrastructure projects and developing a
diverse coalition government structure in order to attract major investments.
The drilling activities are generally fuelled by rising oil
prices and global energy demand. The oil demand from Non-OECD countries will
rise to 50.6 million barrels per day by 2016 as compared to 45.7 million
barrels per day in 2013, which depicts the scenario of increased oil
consumption from developing economies of the world, thereby generating a need
for petroleum resources in the untapped regions of Iraq.
Although, Iraq’s drilling industry is
expected to grow at a massive rate, factors such as lack of historical data
about Iraq’s actual oil reserves, civil unrest, delayed hydrocarbon law,
security issues, coupled with complicated political scenario poses a major
challenge on the country’s path towards the development. Additionally, Ministry
of oil has established really high production targets for the future which are
not easy to attain owing to several infrastructure constraints such as deficit
export capacities and water resources for the maintenance of pressure in the
oil wells, shortage of drilling rigs, lack of transportation facility and
others.
According to the research report published
by Ken Research, “the future prospects of the Iraq drilling and oilfield
services industry seem to be favorable mainly on account of increasing crude
oil production and oil revenue, which will help in building a sustainable
business environment”.
The report titled ‘Iraq
Drilling and Oilfield Services Industry Outlook to 2018 – Rising Crude Oil
Production and Oil Revenue to Spur Growth’ provides
detailed overview of the drilling and oilfield services industry in the
southern and northern regions of Iraq. This report helps reader to identify the
ongoing trends in the drilling industry and anticipated growth in future due to
increased focus of the Kurdistan Regional Government and the Central Government
in Iraq in attracting the major oil companies for petroleum exploration. The
report will help petroleum industry consultants, global and domestic drilling
companies and other stakeholders to align their market centric strategies by
gaining perspectives from this comprehensive report on the drilling and
oilfield services industry in Iraq.
Contact Person- Ankur Gupta
Email Id- ankur@kenresearch.com
