Entrepreneur In The UAE, Faisal Fareed, Talks About The Global Growth Trend In The Oil And Gas Drilling Market
He is behind his massive company Prozone International Oilfield and is rising as a motorsport enthusiast in the region.
New Delhi (India), July 1: It is truly astounding to learn and hear more stories about all those people who, instead of following the paths already trodden by established names in their industry, choose to carve their own unique niche and build a robust career for themselves in their chosen sector. One such self-made entrepreneurial talent is Faisal Fareed. It is essential to mention how he rose to fame not just with his astute business acumen and winning business strategies but also as a motorsport enthusiast and National Rally Driver in the UAE. This passionate man is the brain behind his one-of-a-kind company in the oil and gas markets of the UAE named Prozone International Oilfield.
Prozone International Oilfield Supplies has remained a leading name in the industry, rising as an Oilfield service company specializing in procuring oil and gas, drilling equipment, logistics, spares and lubes for the oil and gas industry. Recently, Faisal Fareed (https://faisalfareed.com/) came forward to discuss the global growth trend of the industry. Let’s see below what he has to share with us all.
He says that the drilling industry has been witnessing a correction from the downfall in activity which was due to bottomed-out oil prices a few years ago and subsequent high demand for drilling. He says this is expected to reach an estimated $155.7 billion by 2027, with a CAGR of 4.2% from 2021 to 2027. The driving factors of this market are increasing demand for oil and gas, rise in E&P spending by varied oil companies and high oil prices.
Further, the motorsport enthusiast and entrepreneurial talent, who is the Managing Director of Prozone International Oilfield, talks about the regional growth trend saying that the Middle East is looking forward to starting 621 projects between 2023 and 2027, as per data quoted on GlobalData Energy. Among these, upstream projects will be 81, midstream will be 141, the refinery will be 84, and petrochemicals will be 315 projects. Saudi Arabia will see more than 70 projects commencing operations from 2023-2027. In fact, Faisal Fareed highlights that the oilfield services market of the Middle East is projected to register a CAGR of over 5.5% during 2023-2028, as per Mordor Intelligence.
Faisal Fareed (@faizee_5c), originally from Kerala, India, over the years, has excelled as a National Rally Driver as well, participating in and even winning several renowned rallies.
