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Oil and gas drilling from GCC reaches record high

by ChemOrbis Editorial Team -
  • 14/04/2016 (17:16)
According to media reports, the number of rigs drilling for oil and gas on the Arabian Peninsula reached a record high even as the rig count in the rest of the world was reduced due to lower oil prices. The number of active rigs operating in Saudi Arabia, Kuwait, the UAE and Oman was reported to have reached almost 290 in March.

Rig count increased by 50 since mid-2014, when oil prices started to fall, and has doubled in the last 5 years. The Arabian Peninsula has about 30% of all active rigs excluding those operating in North America.

Saudi Arabia had 127 active rigs in March, 67 of which were drilling for oil while the other 60 are drilling for gas. Some analysts suggested that Saudi Arabia aims to increase its share in the global oil market and is reportedly considering reviving a previously abandoned plan to expand its oil capacity from 12.5 million to 15.0 million barrels per day (bpd).
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