GCC Countries Keep Middle East Drilling At Near-Record Levels

• Drilling in Saudi Arabia has remained at near-record levels since the beginning of last year. The kingdom’s rig count, according to services firm Baker Hughes, has remained above 120 since February 2015. Rig counts averaged 125 in the first nine months of this year, up marginally from 123 during the same period last year.

• Saudi crude production in September dipped to 10.53mn b/d but still the second highest this year, following peak summer electricity demand (MEES, 7 October).

• Saudi Arabia’s investment focus over the next decade is on developing its conventional and unconventional gas reserves Aramco CEO Amin Nasser said on 11 October. It plans to nearly double gas production capacity from 14bn cfd to 24bn cfd over this period, hitting 18bn cfd in 2020. But while the kingdom’s oil rig count of 71 is just shy of January’s annual high of 72, the number of gas rigs has fallen from a record 60 in November 2015 to 53 in September. (CONTINUED - 541 WORDS)

DATA INSIDE THIS ARTICLE

table Middle East Drilling Shows Resilience With Region’S September Rig Count At Near Record Levels
table US Weekly Rigcount (Week Ending)