Increasing oil & gas investments and rise in deep-water projects in the country are expected to drive the Iran Oilfield Services Market.
According to the TechSci Research report titled “Iran Oilfield Services Market – By Region, Competition Forecast & Opportunities, 2028,” the oilfield services market in Iran is set to experience rapid growth in the forecast period due to the increasing demand for energy, accompanied by a surge in production and exploration activities in the oil and gas industry. The Application segment in Iran is anticipated to be dominated by onshore rigs due to the significant availability of hydrocarbons in both onshore and offshore areas.
Iran was the third-largest producer of natural gas in the world in 2020 and the fifth-largest producer of crude oil in OPEC in 2021. It ranked as the third-biggest oil and second-largest natural gas reserve holder in the world in 2021 and has some of the largest amounts of proven oil and natural gas reserves. Iran has 12% of the world’s and 24% of the Middle East’s oil reserves at the end of 2021. Despite having large reserves, Iran’s crude oil production has decreased since 2017 as a result of underinvestment and international sanctions that have been in place for a number of years.
Oilfield service (OFS), which mostly affects offshore assets, is essential to the upstream service of the oil and gas sector. All goods and services needed for the production and exploration process in the upstream industry are included in the oilfield equipment and services category. The businesses in this sector provide manufacturing, maintenance, and equipment repair services for the production, transportation, and storage of oil. Locating energy sources, drilling and formation evaluation, managing energy data, geological sciences, and many other services are taken into account for successful field operations.
Iran currently consumes about 1715 thousand barrels of petroleum per day. The country has ambitious plans to invest USD 11 billion by November 2021 to augment the daily gas production capacity of its offshore fields by 240 million cubic meters. Major portions of this investment will be directed towards the North Pars and offshore Kish gas fields, as well as Phase 11 of the South Pars field and the onshore fields of the Iranian Central Oil Fields Company.
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The Drilling Services segment holds a dominant position in the Iran Oilfield Services Market. This is because drilling services are essential for maintaining the well’s main components and the rig. Service providers in this segment distribute a wide range of oilfield supplies, including mud pumps, BOPs, drill collars, fishing equipment, and downhole tools, to the oil, gas, and petrochemical industries. With conventional fields maturing, the industry is witnessing a shift towards utilizing unconventional reserves, driving demand for various drilling services.
Key market players in the Iran Oilfield Services Market include:
- National Iranian Drilling Company
- Well Services of Iran (Schlumberger Methods)
- Mehran Engineering & Well Services
- Petro Danial Kish Company
- Sea Land Engineering and Well Services
- Great Wall Drilling Company Limited
- Overseas Technical Services Kish (LLC)
- Dana Energy Company
- Wide Pars Energy-Gostar Drilling and Exploration Company (PEDEX)
- CNPC Bohai Drilling Engineering Company Limited.
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The rising population, improving living standards, and potential easing of sanctions by the United States contribute to the swift growth in Iran’s energy demand. Despite the increasing popularity of renewable energy sources, petroleum fuel remains a significant global energy source. This trend is expected to drive the expansion of the oilfield services market for several decades.
Oil and gas pipelines have gained substantial interest in Iran, given their potential for streamlined distribution. The country’s proximity to unstable regimes further amplifies the importance of these pipelines. For example, a preliminary agreement was signed in 2021 between Iran’s National Iranian Oil Refining and Distribution Company (NIORDC) and Bank Mellat to finance the construction of a new pipeline for oil products. This pipeline, named Tabesh, will span 1,000 km, transporting 150,000 barrels per day to northeast Iran and potentially facilitating product flow to neighboring eastern countries. The pipeline is expected to be completed by 2025.
Mr. Karan Chechi, Research Director at TechSci Research, highlighted, “The Iran Oilfield Services Market is poised for expansion in the projected period. Factors such as rising oil and gas consumption, increased production and exploration activities in the oil and gas industry, growth in deep-water projects, expansion of natural gas pipeline capacity, and surging demand for petroleum products will drive the market.”
The report titled “Iran Oilfield Services Market By Application (Offshore and Onshore), By Type (Field Operation and Equipment Rental), By Services (Drilling Services, Mud Engineering, Wireline Services, Pressure Pumping Services, Cementing Services, and Drilling Waste Management Services), By Region, Competition Forecast & Opportunities, 2028” offers a comprehensive assessment of the future growth potential of the Iran Oilfield Services Market. It provides statistics and information on market structure, size, share, and future growth. The report aims to deliver advanced market intelligence to assist decision-makers in making sound investment decisions. Additionally, it identifies and analyzes emerging trends, along with essential drivers, challenges, and opportunities present in the Iran Oilfield Services Market.
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