Uplifting of sanctions, increasing foreign investments, and the growing oil and gas sector will propel the demand for oilfield services market in Iran to grow at a compounded annual growth rate (CAGR) of 13 per cent until 2021, a report said.

As of 2015, Iran had the highest success rate of natural gas exploration i.e. 79 per cent in comparison with the global average of nearly 30 per cent to 35 per cent, explained the new report entitled "Iran Oilfield Services Market By Application, By Type, Competition Forecast and Opportunities, 2011-2021’’ from TechSci Research, a global management consulting firm.

Further, uplifting of sanctions and establishment of new cost-effective transit routes is anticipated to revive oil and gas production in the country. Few of the leading companies offering oilfield services in Iran are National Iranian Drilling Company, Well Services of Iran (Schlumberger Methods), Mehran Engineering & Well Services and Petro Danial Kish Company, the report said.

Lifting up of the sanctions, along with decline in crude oil prices is a major reason pushing growth in oil & gas E&P activities in Iran. In addition, cheaper oil & gas exploration cost in Iran make it a profitable venture for US based international crude oil companies.