Douglas-Westwood sees MENA drilling increase
Posted: 17 November 2009
New research by energy analysts Douglas-Westwood, predicts that drilling and workover expenditure across the MENA region has the potential to increase by more than $10 billion (almost a third) to reach $27.9 billion by 2014.
This is despite reduced energy demands brought about by the global recession and a curtailment in OPEC production.
These, and other key expenditure forecasts, are revealed in the latest edition of, The Middle East & North Africa Oilfield Services Market Report 2010-2014, which was published by Douglas-Westwood today.
The research also highlights Iraq as a major growth area within the region - predicting that, with continued investment and Westernisation of the country's oilfield services sector, the country may see onshore production increase by 75 per cent over the next five years.
This would mean that Iraq could be producing 3.9 million barrels per day by 2014 - overtaking all other countries with the exception of Saudi Arabia and coming close to meeting production targets set in place by the Ministry of Oil.
The report offers a unique set of onshore & offshore drilling expenditure & workover forecasts for Algeria, Egypt, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Syria, UAE and Yemen - revealing particularly strong growth from offshore Iran.
In addition, it illustrates historic and forecast oil & gas production across the region, the number of wells drilled & actively producing and drilling rig requirements associated with new activity.
Furthermore, the report identifies key operational drilling and oilfield service contractors - listing active drilling rigs and coiled tubing units for each company.
A total of 602 onshore drilling/workover rigs are identified by company.
"We believe that onshore production across the MENA region has the potential to reach 36.5 million bpd by the end of the forecast period assuming investment is maintained," said Rod Westwood, lead market analyst at Douglas-Westwood.
"This increase will stem from the re-invigoration of major producing nations and the emergence of other countries looking to accelerate production for both domestic consumption and export.
Gas production alone is expected to grow by 50 per cent through to 2014 as it takes a more dominant role in hydrocarbon production within the region," Westwood said
Posted by Richard Price, Editor, EnergyME.com
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