Middle East Well Intervention Market Worth $596 Million by 2019

The report ā€œMiddle East Well Intervention Market by Service Type (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Artificial Lift, Others), Application (Onshore & Offshore), & Country - Analysis & Forecast to 2019ā€, the well intervention services market in the Middle East was valued at $ 487.6 million in 2014, and is projected to reach $ 596 million by 2019, at a CAGR of 4.1% from 2014 to 2019.

Browse through the TOC of Middle East Well Intervention market for an analysis of industry trends, segments & forecasts.

Well intervention/workover services market is highly driven by growing demand for energy and aging of existing brown oil & gas fields. The Middle East, due to its huge number of oil & gas wells and thriving investment in oil fields developments in offshore regions, is the major growth engine for this market. Saudi Arabia, as a country, is the largest end-user for well intervention services and is expected to continue with the same trend.

The rising energy demand is putting pressure on the field operators to increase the production of oil. As the existing oil & gas reserves are depleting, the need for well intervention services is gaining its pace. On the other hand, the maturity of existing oil & gas wells also leads to greater extent of intervention/workover services. This trend makes the well intervention industry lucrative for both equipment manufacturers and service operators. On account of heavy demand for oil and continuous reduction in replacement of depleting hydrocarbon reservoirs, the well intervention services market will experience a tremendous increase in demand in the years to come.

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Saudi Arabia held the largest market share of 27% in 2014 within the Middle East well intervention market followed by Iran with a market share of 18.3%.

The main services in the concerned market are logging and bottom hole survey, tubing/packer failure and repair, stimulation, artificial lift, and others. The market has been analyzed in terms of the major countries in the Middle East market, such as Saudi Arabia, Iran, Iraq, Kuwait, UAE, Qatar, and others. Onshore is the main application of the Middle East well intervention market with 89% market share in 2014.

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The region has more than 55% of the worldā€™s proved reserves. It is characterized with a high amount of conventional reserves with a high production potential. Key players dominant in well intervention market in the Middle East are Schlumberger (U.S.), Weatherford International Ltd. (Ireland), Halliburton Co. (U.S.), and Baker Hughes (U.S.).

Key players in the Middle East Well Intervention Market include Schlumberger Ltd. (U.S.), Halliburton Co. (U.S.), Baker Hughes (U.S.), and Weatherford International Ltd. (Ireland).

Related Report:
North America Well Intervention Market

The North America Well Intervention market constitutes 50% of the global Well Intervention market in 2014, and is expected to grow at a CAGR of 3.1% from 2014 to 2019. The U.S. is the fastest growing market within the North America Well Intervention market. The North America Well Intervention market was valued at $ 3,523.1 million in 2014.

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