Middle East oilfield services market to increase to US$38.1bn by 2020

KIMBALL OIL FIELD Commons St Gill MarcResearch and Markets estimate that Middle East oilfield services are to increase from US$20.5bn to US$38.1bn by 2020

Service companies are expected to overcome the the falling crude oil prices by signing long term contracts and mergers as Research and Markets report that Middle East oil field services market is estimated to increase from US$20.5bn in 2014 to US$38.1bn by 2020. 

Oilfield services have grown exponentially since the nineties as oil and gas companies outsourced much of the important upstream and midstream work which, simultaneously allowing the oilfield services companies to grow with this increase of outsourcing. 

The research by Research and Markets covers a variety of services such as well intervention, wireline logging, coil tubing, completion, drilling, pressure pumping, waste management and oil country tubular good. 

The major driver for this increase in middle oilfield services are the overall global increase in energy demand and petrochemicals and the growing investments in the oil and gas sectors. According to Business Wire, an estimated 800bn barrels of oil reserves are present in Middle East, which makes it an attractive proposition for oilfield services firms. 

The major challenges for the market, according to Research and Markets, are the volatile oil and gas prices, environmental concerns, operational challenges an the geopolitical challenges that have severe effects on the oil and gas sector. 

The full report can be viewed here

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