*Latest rig count data from services giant Baker Hughes shows a mixed picture for the Gulf’s oil and gas giants. Abu Dhabi is close to topping the records set at the end of 2019. Kuwait is also finally posting significant gains after years in the doldrums. But Saudi drilling figures have fallen back from Q1’s 4-year high.
*The fall in the Saudi rig count from 87 for Q1 and a monthly peak of 88 for March, the highest figures since early 2020, to an average of 84 for Q2 comes as Riyadh shelved plans to expand crude oil production capacity to 13mn b/d (MEES, 10 May). Key drilling cancellations related to offshore oil: the kingdom’s oil-focused rig count fell from an average of 45 for Q1 to 41 for Q2 with gas-focused drilling now accounting for well over 50% of the total (see chart 1). And, whilst the key planned oil increments were offshore, the focus for gas is onshore including in the Jafurah basin (MEES, 5 July). All of the recent net losses to the Saudi rig count have been offshore – from a three-year high of 17 for February/March to just 12 for June (see chart 2). (CONTINUED - 543 WORDS)
