The report entitled ‘The Middle East & North Africa Oilfield Services Market Report 2010-2014’, forecasts this increase despite reduced energy demands brought about by the global recession and a curtailment in OPEC production.
The research also highlighted 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% 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 production targets set in place by the ministry of oil.
Rod Westwood, lead market analyst at Douglas-Westwood, said: “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.
“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% through to 2014 as it takes a more dominant role in hydrocarbon production within the region.”
