Exploration & Production

Saudi rig count continues falling but remains high

The number of rigs targeting gas in Saudi Arabia has fallen every month since October but is still higher than before oil prices started to drop The number of rigs targeting gas in Saudi Arabia has fallen every month since October but is still higher than before oil prices started to drop.
By Verity Ratcliffe 16 March 2017 0 25075

The number of rigs targeting gas in the Middle East fell by 4.3% in February from a month earlier, to 89, as the rig count dropped in Oman, Pakistan and Saudi Arabia.

The number of rigs targeting gas in Saudi Arabia has fallen every month since October but is still higher than before oil prices started to drop. “[D]espite the recent downturn, we’ve kept up our capital spending,” said Saudi Arabia’s oil minister, Khalid al-Falih, in Houston last week. “That has resulted in our drilling rig...