Demand for oil and petroleum products have grown
tremendously over the past few years, mainly on account of increasing
population and rapid economic development across the globe. In order to meet
the demand of a steadily growing market, Iraq is indulging into oil capacity
expansion by undertaking large export infrastructure projects and developing a
diverse coalition government structure in order to attract major investments.
The drilling activities are generally fuelled by rising oil prices and global energy demand. The oil demand from Non-OECD countries will rise to 50.6 million barrels per day by 2016 as compared to 45.7 million barrels per day in 2013, which depicts the scenario of increased oil consumption from developing economies of the world, thereby generating a need for petroleum resources in the untapped regions of Iraq.
Although, Iraq’s drilling industry is expected to grow at a massive rate, factors such as lack of historical data about Iraq’s actual oil reserves, civil unrest, delayed hydrocarbon law, security issues, coupled with complicated political scenario poses a major challenge on the country’s path towards the development. Additionally, Ministry of oil has established really high production targets for the future which are not easy to attain owing to several infrastructure constraints such as deficit export capacities and water resources for the maintenance of pressure in the oil wells, shortage of drilling rigs, lack of transportation facility and others.
According to the research report published by Ken Research, “the future prospects of the Iraq drilling and oilfield services industry seem to be favorable mainly on account of increasing crude oil production and oil revenue, which will help in building a sustainable business environment”.
The report titled ‘Iraq Drilling and Oilfield Services Industry Outlook to 2018 – Rising Crude Oil Production and Oil Revenue to Spur Growth’ provides detailed overview of the drilling and oilfield services industry in the southern and northern regions of Iraq. This report helps reader to identify the ongoing trends in the drilling industry and anticipated growth in future due to increased focus of the Kurdistan Regional Government and the Central Government in Iraq in attracting the major oil companies for petroleum exploration. The report will help petroleum industry consultants, global and domestic drilling companies and other stakeholders to align their market centric strategies by gaining perspectives from this comprehensive report on the drilling and oilfield services industry in Iraq.
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