Qatar Oilfield Service Market

Qatar Oilfield Service Market Overview:

The Qatar oilfield service market size is projected to exhibit a growth rate (CAGR) of 6.10% during 2024-2032. There are various factors that are driving the market, which include increasing oil production, expansion of liquified natural gas (LNG) projects, favorable government initiatives and policies, and rising energy demand.

Qatar Oilfield Service Market Trends:

Increasing Oil Production 

As per the U.S. Energy Information Administration (EIA), the proven reserves of crude oil were around 25.2 billion barrels as of January 1, 2023. To identify new oil reserves, Qatar undertakes extensive seismic surveys and geological studies. Oilfield service companies provide these exploration services by using advanced technology to map potential oil fields. The search for new oil reserves involves exploratory drilling. Oilfield service companies offer the necessary drilling rigs, equipment, and expertise to carry out these operations efficiently and safely. In addition, to maximize oil extraction, advanced drilling techniques such as directional and horizontal drilling are employed. These techniques require specialized services and equipment provided by oilfield service companies. Furthermore, oilfield service companies are providing maintenance services to ensure smooth and uninterrupted operations.

Expansion of LNG Projects

On 3 April 2023, Baker Hughes, an energy technology company, announced an order to be booked in the first quarter of 2023 with longtime partner QatarEnergy to supply two main refrigerant compressors (MRCs) for the North Field South (NFS) project, which will be executed by Qatargas. The MRCs are part of two LNG ‘mega trains’ representing 16 million tons per annum (MTPA) of additional capacity that is estimated to further increase Qatar’s LNG production capacity to 126 MTPA, helping to propel Qatar as a leader in global LNG production by 2027. Moreover, Qatar is undertaking major expansions in its North Field and this expansion requires extensive drilling, well completion, and other oilfield services. Building new LNG trains, storage facilities, and transportation infrastructure involves a range of services including engineering, procurement, construction, and maintenance, all of which fall under the oilfield services domain. Furthermore, the extensive infrastructure required for LNG production including pipelines, processing plants, and storage facilities, needs regular maintenance and upgrades to ensure smooth and efficient operations. Scheduled shutdowns and turnarounds for maintenance and upgrades are critical for sustaining high production levels, creating ongoing demand for oilfield service providers.

Qatar Oilfield Service Market News:

• 31 January 2024: QatarEnergy announced the award of the four main Engineering, Procurement, and Construction (EPC) contract packages related to the expansion of the Al-Shaheen field, which is the largest oil field in Qatar. The four EPC packages, with varying scopes of work, are estimated to value more than USD 6 billion. Qatar Energy will increase the production of the Al-Shaheen oil field by about 100,000 barrels of oil per day.
• 13 May 2024: State-owned QatarEnergy and US multinational company ExxonMobil signed a framework agreement to acquire a 40% stake in two offshore exploration sites off the coast of Egypt. Under the agreement, QatarEnergy will receive stakes in the Cairo and Masry concessions off Egypt’s north coast, while ExxonMobil will retain 60%. 
   

Qatar Oilfield Service Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, service, and application.

Type Insights:

• Equipment Rental
• Field Operation
• Analytical Services
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes equipment rental, field operation, and analytical services.

Service Insights:

• By Geophysical Service
  • Seismic Equipment
  • Seismic Service
• By Drilling Service
  • Offshore Drilling
  • OCTG
  • Directional Drilling
  • Drilling Fluid
  • Well Casing
  • Well Cementing
  • Drill Bits
  • Drilling Rings
  • Logging While Drilling
  • Measurement While Drilling
  • Managed Pressure Drilling
  • Waste Management
  • Others
• By Completion and Workover
  • Well Intervention
  • Completion Fluid
  • Hydraulic Fracturing
  • Sand Control
  • Mud Logging
  • Wireline Logging
  • Others
• By Production
  • Artificial Lift
  • Floating Production Vessel
  • Support Vessel
  • Well Testing
  • Subsea Equipment
  • Christmas Tree
  • Enhanced Oil Recovery
  • Digital Oil Field
  • Others
• By Processing and Separation
  • Water Treatment
  • Oil Treatment
  • Gas Treatment
  • Solid Treatment
  • Others
     

A detailed breakup and analysis of the market based on the service have also been provided in the report. This includes geophysical service (seismic equipment and seismic service), drilling service (offshore drilling, OCTG, directional drilling, drilling fluid, well casing, well cementing, drill bits, drilling rings, logging while drilling, measurement while drilling, managed pressure drilling, waste management, and others) completion and workover (well intervention, completion fluid, hydraulic fracturing, sand control, mud logging, wireline logging, and others) production (artificial lift, floating production vessel, support vessel, well testing, subsea equipment, christmas tree, enhanced oil recovery, digital oil field, and others), and processing and separation (water treatment, oil treatment, gas treatment, solid treatment, and others).

Application Insights:

• Onshore
• Offshore
  • Shallow Water
  • Deep Water
  • Ultra-deep Water
     

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes onshore and offshore (shallow water, deep water, and ultra-deep water).

Regional Insights: 

• Ad Dawhah
• Al Rayyan
• Al Wakrah
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Ad Dawhah, Al Rayyan, Al Wakrah, and Others

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Qatar Oilfield Service Market Report Coverage:

Key Questions Answered in This Report:

• How has the Qatar oilfield service market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Qatar oilfield service market?
• What is the breakup of the Qatar oilfield service market on the basis of type?
• What is the breakup of the Qatar oilfield service market on the basis of service?
• What is the breakup of the Qatar oilfield service market on the basis of application?
• What are the various stages in the value chain of the Qatar oilfield service market? 
• What are the key driving factors and challenges in the Qatar oilfield service?
• What is the structure of the Qatar oilfield service market and who are the key players?
• What is the degree of competition in the Qatar oilfield service market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Qatar oilfield service market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Qatar oilfield service market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Qatar oilfield service industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.