FINANCIAL NEWS

Saudi Arabia plans to raise oil drilling

30 Oct 2013

(MENAFN) Global energy service giants are banking on a boom in Saudi oil and gas drilling over the next few years to revive profits that are being squeezed by overcapacity in the North American market, Saudi Gazette reported.

Schlumberger, Halliburton and Baker Hughes have all singled out Saudi Arabia as a major growth market for next year as they search the globe for better returns than the saturated US and Canadian markets offer.

Industry sources in the Gulf said at least 160 rigs are currently deployed in Saudi territory and that the world’s top oil exporter plans to raise its rig count to 210 by the end of 2014.

Sources said earlier this year that Aramco was planning a sharp rise in rig use to look for unconventional gas, while increasing oil drilling to help keep its spare production capacity at comfortable levels

Aramco is investing heavily to preserve the world’s largest spare oil production capacity cushion at more than 2 million bpd.

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