Middle East Oilfield Services Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Service Type (Drilling Services, Drilling and Completion Fluids, Evaluation, Completion and Production Services, Well Intervention Services, Drilling Waste Management Services, and Other Services), Location (Onshore and Offshore), and Geography

Market Snapshot

Middle East Oilfield Services Market - Market Summary
Study Period:

2017-2024

Base Year:

2018

Key Players:

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Market Overview

The market for oilfield services in the Middle East is expected to grow at a CAGR of approximately 7.60% during the forecast period of 2019 – 2024. Factors such as rising investments in the oil & gas industry, and rising demand for natural gas are expected to be the major drivers for the oilfield services market in the region. However, geopolitical tension and civil unrest in few countries such as Iraq, Syria, and Lebanon are expected to have a negative impact on the growth of oil & gas industry in the region, in turn, hindering the growth of oilfield services in the coming years.   

  • The drilling services accounted for the largest share in the market in 2018, owing to the increasing exploration and production activities in the region.  
  • New oilfield discoveries and plans to begin production from unconventional reserves are expected to create significant opportunities for the oilfield service providers in the near future.
  • Saudi Arabia is expected to witness a significant growth during the forecast period owing to the country’s plans to exploit its unconventional resources.  

Scope of the Report

The Middle East oilfield services market report include:

Service
Drilling Services
Drilling and Completion Fluids
Evaluation
Completion and Production Services
Well Intervention Services
Drilling Waste Management Services
Other Services
Location
Onshore
Offshore
Geography
Saudi Arabia
Iran
UAE
Rest of the Middle East

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Key Market Trends

Drilling Services to Dominate the Market

  • In 2018, drilling services accounted for more than 20% of the market share and is expected to continue its dominance in the coming years. Drilling services include directional drilling services, coiled tubing, and reentry, measurement while drilling, logging while drilling, reservoir navigation services, casing/liner drilling systems, surface logging services, coring services and hole enlargement.  
  • The drilling services business is primarily a contractual business which gives services to the E&P companies. The service is needed at every phase of the project's lifecycle namely exploration, production, field development and for studies, as well.     
  • Middle East drilling service market is expected to grow significantly during the forecast period, driven by the increased enhanced oil recovery (EOR) and increased number of mature fields in the region. In 2018, the number of active drilling rigs in the region reached 567 rigs, representing an increase of around 5.9% over the previous year’s level.  
  • In addition, the presence of huge oil & gas resources in the region, out of which many needs to be explored and exploited offers an extensive market to the drilling service providing companies in the Middle East as compared to any other geographical region across the globe.
Middle East Oilfield Services Market - Key Market Trends

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Saudi Arabia to Witness a Significant Growth

  • Saudi Arabia is one of the major oil producers globally. The crude oil exports account for country’s 90% of total export earnings. The Kingdom of Saudi Arabia (KSA) has maintained high crude oil production levels in spite of a drop in global crude oil prices.
  • The company also has plans to expand the giant Khurais oilfield, adding 300,000 b/d of additional production capacity. In addition, expansion of the Berri field is likely to add an addition 250,000b/d production capacity, although a timeline for this project has yet to be confirmed.
  • Saudi Arabia is targeting an aggressive ramp-up in gas production for use in the domestic industrial and power sectors, displacing the role of crude and releasing it for export.
  • The natural gas production in Saudi Arabia has been planned to be doubled in the coming decade, which is expected to result in increased drilling activities related to gas production. In its endeavor to upscale the gas production, Saudi Aramco awarded a series of new contracts for development of Fadhili gas program. The development of such projects is likely to drive the oilfield services market in KSA.
Middle East Oilfield Services Market - Regional

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Competitive Landscape

The Middle East oilfield services market is consolidated. The key players in this market include Baker Hughes – A GE Company, Halliburton Company, Schlumberger Ltd, and Weatherford International. 

Major Players

  1. Baker Hughes – A GE Company
  2. Halliburton Company
  3. Schlumberger Ltd
  4. Weatherford International

* Complete list of players covered available in the table of contents below

Middle East Oilfield Services Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

    4. 1.4 Study Deliverables

    5. 1.5 Research Phases

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast, in USD billion, till 2024

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Consumers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes Products and Services

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Service

      1. 5.1.1 Drilling Services

      2. 5.1.2 Drilling and Completion Fluids

      3. 5.1.3 Evaluation

      4. 5.1.4 Completion and Production Services

      5. 5.1.5 Well Intervention Services

      6. 5.1.6 Drilling Waste Management Services

      7. 5.1.7 Other Services

    2. 5.2 Location

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography

      1. 5.3.1 Saudi Arabia

      2. 5.3.2 Iran

      3. 5.3.3 UAE

      4. 5.3.4 Rest of the Middle East

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Anton Oilfield Services (Group) Ltd.

      2. 6.3.2 Baker Hughes A GE Co

      3. 6.3.3 Denholm Oilfield Services

      4. 6.3.4 9.4 Halliburton Company

      5. 6.3.5 MIddle East Oilfield Services

      6. 6.3.6 Nordic Energy FZC

      7. 6.3.7 Oilserv

      8. 6.3.8 Schlumberger Limited

      9. 6.3.9 Swire Oilfield Services Ltd.

      10. 6.3.10 Weatherford International plc

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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