Tech-focused research firm Technavio has published a new report on the well completion equipment in the Middle East, which is expected to grow at a compound annual growth rate (CAGR) of almost 5% from 2015-2019.
Well Completion Equipment Market in Middle East 2015-2019 draws attention to the rise in unconventional oil and gas resources, such as tight oil, shale gas, CBM, and shale oil, which is driven by the decline in the production and exploration of conventional oil reserves. It also accentuates the advances in technologies in the well completion equipment that improve production rates, fuel redevelopment of existing oilfield wells, facilitate higher production from unconventional resources and ensure better well management.
The report focuses on the nations of Saudi Arabia, Iran, Iraq, the United Arab Emirates and Kuwait. Key vendors studied were Key vendors Baker Hughes, Halliburton, Schlumberger, Superior Energy Services and Weatherford International.
“Saudi Aramco has invested $3 billion to develop unconventional gas resources in Saudi Arabia till date. As a result, the market share of oil and gas from unconventional resources is expected to increase significantly during the forecast period,” saidFaisal Ghaus, vice president of Technavio.