Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize

Iraq has ambitious plans to boost crude output capacity by more than 300,000 b/d to 5mn b/d by end-2017. How viable this is remains to be seen, but it has certainly upped the ante when it comes to drilling. The latest figures from services firm Baker Hughes show the number of active drilling rigs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May.

Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mobilized three rigs at its Majnoon field and more will follow, but not this year. Eni meanwhile will maintain four rigs at Zubair ( MEES, 26 May ). (CONTINUED - 473 WORDS)


table May 2017 Rig Count: Iraq Drilling Rebounds To 17-Month High Of 51, Boosting Middle East Rig Count To 2017 High Of 400
chart Iraqi Rig Count Rising From 2016 Lows
chart Saudi Arabia Offshore Rig Count Well Below 2015 Heights
chart Oman: Down 26% From Late-2015 Peak
chart Kuwait Rig Count Rises To 55 In May, Still Below Record February