LONDON–(BUSINESS WIRE)–Technavio has published a new report on the oilfield equipment rental market in the Middle East, which is expected to grow at a CAGR exceeding 12% from 2015-2019.
About the Report
The new report by Technavio highlights the growing number of oil and gas discoveries in the Middle East, which is expected to propel the oilfield equipment rental market. In 2014, Saudi Aramco discovered eight new oil and gas fields in Saudi Arabia.
“In April 2015, the Kuwait Oil Company discovered four new oil fields in Kuwait. These discoveries are considered encouraging and should be followed by development and production,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also underlines the integrated oil and gas companies in the Middle East, which have reduced their investment in equipment manufacturing as the equipment can be easily rented from the market.
“By renting equipment, the overall capital cost for the operator will reduce, and liability for performance is transferred to the equipment provider,” adds Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the oilfield equipment rental market in the Middle East from 2015-2019. The market size has been calculated from revenue generated from the market in the Middle East.
Key Information Covered in the Report:
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