Saudi Arabia’s decision to drop a 1mn b/d crude oil expansion target and instead double down on gas expansion plans means mixed fortunes for oilfield services firms operating in the kingdom. It undeniably remains the largest market in the region, but services firms are still seeking to navigate the strategic pivot.
Aramco CFO Ziad al-Murshed emphasized the scale of the firm’s growth plans during its Q1 earnings call on 7 May whilst reiterating previous comments that Aramco’s reduced oil rig requirements are set to be offset by increased gas drilling. (CONTINUED - 1710 WORDS)
