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Sunday, Oct 27
Outlook for Saudi drilling has oil service companies lining up
- Saudi Aramco is reportedly set to raise the rig count in Saudi Arabia to more than 200 by the end of next year and energy service companies are ready to take advantage of the opportunity.
- Saudi Arabia is under pressure to plug a supply hole left by disruptions in Libya, Iran, Nigeria, and Yemen and "is investing heavily to preserve the world's largest spare oil production capacity cushion at more than 2M bpd," Reuters says.
- Industry heavyweights looking to capitalize on a potential boom in drilling include: Halliburton (HAL), Nabors (NBR), Rowan (RDC), Ensco (ESV), Baker Hughes (BHI), and Schlumberger (SLB).