As the global energy industry stares transfixed at a spectacular drop in US rigs, Saudi Arabia is ramping up the number of machines drilling for oil and gas despite a sharp fall in the price of crude.
Industry sources and analysts
Crude oil prices closed down on Friday, with benchmark Brent losing its most in a week since January, as a resurgent dollar and fear of a US rate hike diverted attention from the shrinking number of rigs drilling for oil in the United States.
Abu Dhabi-based National Drilling Company (NDC) has commissioned five new rigs assigned for the maintenance of oil wells in the UAE, as part of its fleet expansion plans covering onshore and offshore operations.
NDC chief executiv
Pason Systems has signed a joint venture agreement with Saudi Arabia's Rawabi Holding Company for the distribution of Pason's industry-leading data management systems for drilling rigs in Saudi Arabia.
Rawabi and Pason wil
Saudi Aramco plans to use a record number of rigs this year, more than 170, to search for unconventional gas while drilling for oil needed to maintain the world's biggest spare capacity cushion, industry sources in Saudi Arabia said.
Top oil exporter Saudi Arabia may raise the number of its drilling rigs to a record high above 150 next year as the state oil giant ramps up exploration for unconventional gas, industry sources said.
Boosting natural gas output helps Saudi
Top oil exporter Saudi Arabia plans to release 15 oil rigs by the end of the year as it reduces drilling activity with slowing global demand, oil industry sources in the kingdom said on Monday.
"We feel we have huge extra capacity," said o
First Energy Bank, the key sponsor of Menadrill, has signed an agreement for two jack-up drilling rigs to be constructed at the Maritime Industrial Services Company (MIS) yard in Sharjah.
The total value of the rig packages will be in exc