Market Research Reports - Ken Research Future Iraq Drilling Services Market

Iraq Oilfield Services Market is Driven by Rise in Output of Crude Oil, Maintenance of Aging
Infrastructure and Drilling of New Wells: Ken Research
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.
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.
To know more, Click on the link below
https://www.kenresearch.com/energy-and-utilities/oil/iraq-oilfield-drilling-services-market-
2022/142306-103.html
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