Middle East countries have managed to keep drilling at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment.
The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched budgets (MEES, 13 October). This stands in stark contrast to other parts of the world. The biggest drop came from the US, which bottomed out in late May 2016 at 404 from a high of 1,931 in September 2014. In Latin America the rig count is down almost two thirds on five years ago, falling from a high of 457 in May 2012 to just 177 in September. Africa’s rig count fell by almost 50%, dropping from 154 in February 2014 to 77 in February of this year. Globally the total number of active drilling rigs according to the latest estimates from services firm Baker Hughes is 2,142, 46% off the 3,990 peak hit in February 2012 (see table). (CONTINUED - 1211 WORDS)
