Middle East well intervention growth predicted

OE Staff
Friday, January 30, 2015

The Middle East well intervention market is expected to reach US$2.4 billion by 2018, up from $1.37 billion in 2013, with a CAGR of 11.9%, according to a Research and Markets report.

The Middle East, with 80.3 trillion cu/m, is home to 43.2% 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, 0.2% higher than the previous year.

The International Energy Agency (IEA) has, however stated that the demand for natural gas will exceed its production from Middle East countries by the year 2019. Estimates also indicate that gas production will increase from 582 billion cu/m in 2013 to only around 658 billion cu/m through the end of this decade.

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.

With the industry in this region experiencing a period of major capital investment, Mordor Intelligence predicts that a decent amount of it goes towards well intervention services to achieve enhanced oil recovery from the fields.

Categories: Production Well Operations Activity Middle East

Related Stories

Aker BP Installs New Jacket at Valhall Field in Southern North Sea (Video)

Aker BP Installs New Jacket at Valhall Field in Southern North Sea (Video)

Jotun FPSO Starts Production at Balder Field in North Sea

Jotun FPSO Starts Production at Balder Field in North Sea

Russia Looks to Myanmar Offshore Oil and Gas Prospects

Russia Looks to Myanmar Offshore Oil and Gas Prospects

Current News

BOEM Looks to Open 80 million Acres for Oil and Gas Lease Sale

Libya, Turkey Sign MoU To Conduct Offshore Geophysical Study

Japanese Firm Joins Floating Wind Demo off Spain

SLB OneSubsea Gets Work on Northern Lights CCS Project Expansion

Subscribe for OE Digital E‑News

Offshore Engineer Magazine