According to a report by service provider firm Research and Markets, the Middle East well intervention market will reach US$2.4bn at a CAGR of 11.9 per cent by 2018
A well intervention is an operation carried out on an oil or gas well during its productive life, which helps in better production and well management.
The report revealed that the Middle East is home to 43.2 per cent of the total natural gas deposits in the world. Proven natural gas reserves by the end of 2013 stood at 185.7 trillion cu/m.
International Energy Agency (IEA) said that the demand for natural gas would exceed its production from the Middle East countries by 2019. Estimates also indicated that gas production is expected to increase from 582bn cu/m in 2013 to around 658bn cu/m by 2020.
“Oil and gas companies in the region are increasingly looking for local content. However, typical issues such as lack of governance, uncoordinated strategies and lack of qualified strategies are pulling the market back,” added the report.
UK-based consulting firm Mordor Intelligence noted that the majority of oil and gas industry’s capital investment was going towards well intervention services to achieve enhanced oil recovery from the fields.
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