Kuwait Oilfield Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.98 Billion |
| Market Size (2029) | USD 1.17 Billion |
| CAGR (2024 - 2029) | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Kuwait Oilfield Services Market Analysis
The Kuwait Oilfield Services Market size is estimated at USD 0.98 billion in 2024, and is expected to reach USD 1.17 billion by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
- Over the long term, an increasing investments in offshore oil and gas projects and rising oil & gas demand will likely drive the Kuwait oilfield services market during the forecast period.
- On the other hand, increasing penetration of renewable energy is likely to restrain the growth of the Kuwait oilfield services market in the coming years.
- Nevertheless, advancements in the region's exploration and production activities and increasing primary energy consumption are expected to create ample opportunities for market players in the coming years.
Kuwait Oilfield Services Market Trends
Increasing Investments In Offshore Oil and Gas Projects Expected to Drive
- The government of Kuwait has been proactively looking to boost oil production and compensate for the lost production in the divided zone through both onshore and offshore projects in Kuwait. The Kuwait Oil Company planned to issue offshore field development contracts to boost offshore production. Still, it has not materialized in recent years due to long-standing disputes and administrative delays.
- However, in 2022, Kuwait witnessed traction for offshore project development, which is likely to give rise to the oilfield services market in the country. On the other hand, there are a number of onshore oil fields in the country that have significantly produced oil and gas for domestic as well as export requirements for many years.
- KPC has focused its efforts on offshore exploration drilling projects in Kuwait to increase sustainable crude oil production. The company considers that the production of hydrocarbons from offshore projects would account for 25% of the overall output. This would also support KPC's strategic plan for 2040, where it looks forward to acquiring a leadership position in the oil and gas industry.
- In 2022, the government of Kuwait announced the commencement of the first offshore drilling rig. The offshore facility holds the potential for 615,000 barrels of oil a day, which would be helpful in primarily meeting the increased energy demand of Europe and other countries of the world.
- This development came into existence after signing the contract between Kuwait Oil Company and Halliburton, a United States oilfield services giant that would manage drilling services and provide wireline, perforating, well-testing, coring, and offshore logistical services.
- Considering the government's efforts to speed up the massive onshore and offshore oil field projects in domestic and partitioned neutral zone areas to meet the country's strategic plan for 2040, the scope of the development of oil and gas projects in the country is bright. This indicates a promising market for oilfield services in the industry.
- Thus, owing to the above investement plans increase in offshore oil and gas projects and related investments is expected to drive the market.
Completion and Production Services Segment to Dominate the Market
- Completion and production services are among the most critical in the oilfield market, as they allow companies to bring new wells online by kickstarting production. Further, these services also allow the deployment of production technologies such as pumps, which enable the retrieval of hydrocarbons that the reservoir's internal energy cannot produce.
- The completion and production services need to be planned and executed while considering several techno-economic factors, as they directly influence the productivity of individual wells and have to be planned to ensure that the production from wells is maintained above minimum economically viable levels.
- Like other countries in the Middle East, Kuwait is also a major hydrocarbon exporter and is heavily dependent on oil and gas revenues to drive its economy. In 2022, according to the Energy Information Administration, Kuwait's net oil export revenue streams accounted for USD 98 billion.
- Moreover, as of 2022, Kuwait was the 6th largest producer of crude oil and had the 4th highest oil reserves in the Middle East region. The country has a mature oil and gas industry focused primarily on crude oil production and export. According to the International Trade Administration, as of 2022, hydrocarbons accounted for nearly 50% of Kuwait's GDP, around 95% of exports, and approximately 90% of government export revenue.
- Like most of its Middle Eastern neighbors, whose economies are heavily dependent on hydrocarbon exports, the country's economy suffered immensely as a result of the COVID-19 pandemic.
- However, as the economic effects of the pandemic have subsided and following a critical revaluation, the state-owned KPC has downgraded its production capacity target from 4.75 million barrels per day to 4 million barrels per day by 2040 and 3.5 million barrels by 2025. Despite this, efforts to increase production capacity targets have been driving demand for completion and production services in the country.
- Hence, such projects are expected to propel the oilfield services market in the country during the forecast period.
Kuwait Oilfield Services Industry Overview
The Kuwait oilfield services market is semi-fragmented. Some key players in this market (in no particular order) include Kuwait Petroleum Corporation, Fugro Nv, Kca Deutag Alpha Limited, Saipem Spa, and SGS SA.
Kuwait Oilfield Services Market Leaders
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Kuwait Petroleum Corporation
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Fugro Nv
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Kca Deutag Alpha Limited
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Saipem Spa
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Senergy Holding Company Kpsc.
*Disclaimer: Major Players sorted in no particular order
Kuwait Oilfield Services Market News
- January 2023: The Kuwait Petroleum Corporation (KPC) announced the issue of around 15 tenders in the next fiscal year 2023-2024 for global and local firms in sectors including supply of equipment, maintenance of computer systems, operation of oilfield systems, management of technology repair and maintenance services for oil installations in various areas, and other services.
- October 2022: A Canadian drilling rig contractor, Precision Drilling Corporation, announced that it was recently awarded four contracts in Kuwait, each with a five-year term and an optional one-year renewal. The contract awards were for AC Super Triple 3000 HP drilling rigs, and this was expected to increase the company's active rig count in Kuwait from three rigs to five rigs by the middle of 2023.
Kuwait Oilfield Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecasts in USD, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Investments in Offshore Oil and Gas Projects
4.5.2 Restraints
4.5.2.1 Increasing Penetration of Renewable Energy
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 By Service type
5.1.1 Drilling Service
5.1.2 Drilling and Completion Fluids
5.1.3 Formation Evaluation
5.1.4 Completion and Production Services
5.1.5 Drilling Waste Management Services
5.1.6 Other Service Types
5.2 Location Of Deployment
5.2.1 Onshore
5.2.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Kuwait Petroleum Corporation
6.3.2 Fugro Nv
6.3.3 Kca Deutag Alpha Limited
6.3.4 Saipem Spa
6.3.5 SGS S.A.
6.3.6 Senergy Holding Company Kpsc.
6.3.7 National Energy Services Reunited Corp.
6.3.8 National Petroleum Services Company Kscc
6.3.9 Burgan Company For Well Drilling
6.3.10 Gas And Oilfield Services Company (gofsco)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Advancements in the Region's Exploration and Production Activities
Kuwait Oilfield Services Industry Segmentation
Oilfield services (OFS) refer to all the services that support onshore and offshore oil and gas extraction and production processes. These include drilling and formation evaluation, well construction, and completion services.
Kuwait's oilfield services market is segmented by service type and location type. The market is segmented by service type into drilling, completion, production, and other services. By location of deployment, the market is segmented into onshore and offshore. The market size and forecasts for each segment have been calculated based on USD.
| By Service type | |
| Drilling Service | |
| Drilling and Completion Fluids | |
| Formation Evaluation | |
| Completion and Production Services | |
| Drilling Waste Management Services | |
| Other Service Types |
| Location Of Deployment | |
| Onshore | |
| Offshore |
Kuwait Oilfield Services Market Research Faqs
How big is the Kuwait Oilfield Services Market?
The Kuwait Oilfield Services Market size is expected to reach USD 0.98 billion in 2024 and grow at a CAGR of 3% to reach USD 1.17 billion by 2029.
What is the current Kuwait Oilfield Services Market size?
In 2024, the Kuwait Oilfield Services Market size is expected to reach USD 0.98 billion.
Who are the key players in Kuwait Oilfield Services Market?
Kuwait Petroleum Corporation , Fugro Nv , Kca Deutag Alpha Limited , Saipem Spa and Senergy Holding Company Kpsc. are the major companies operating in the Kuwait Oilfield Services Market.
What years does this Kuwait Oilfield Services Market cover, and what was the market size in 2023?
In 2023, the Kuwait Oilfield Services Market size was estimated at USD 0.95 billion. The report covers the Kuwait Oilfield Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Kuwait Oilfield Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Kuwait Oilfield Services Industry Report
Statistics for the 2024 Kuwait Oilfield Services market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Kuwait Oilfield Services analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
