Back To Offshore Drilling In The Mideast? Picking Up Where We Left Off? January 16, 2023

See this post from April 7, 2013, for background to this update. 

Within that post, this from April 7, 2013: 

April 7, 2013: This Bloomberg article may explain a bit more for the reason behind Saudi's increase in number of active rigs. Note the date of the article (January 23, 2013):

Saudi Arabian Oil Co. is set to boost its use of drilling rigs to a record this year as it pushes exploration for oil and shale gas into the Red Sea, a local energy analyst said.

Saudi Aramco, as the world’s largest crude exporter is known, will probably use about 163 rigs this year, up from 133 at the end of 2012, said Sadad al-Husseini, who founded Husseini Energy, an independent energy consultant in Dhahran, Saudi Arabia, after retiring from the state producer in 2004.

Aramco was using 98 rigs to produce oil and gas from onshore fields and perform maintenance on existing wells at the end of last year, with a further 35 employed in exploration activity and offshore operations, al-Husseini said. This year, the company may use as many as 170 rigs in total should the country step up production of oil or gas, thus activating more rigs, he said.

Schlumberger Ltd., the world’s largest oilfield-services provider, also expects a gain in Saudi drilling activity. Saudi Aramco ended 2012 with 134 rigs and that number will grow to 160 rigs by the end of this year, Schlumberger Chief Executive Officer Paal Kibsgaard told analysts and investors on Jan. 18 in a conference call.

Now, an update. What's happening in 2023?

Social media link here. 

Direct to source.

It's very interesting. 

Oil demand, in 2013, was projected to rise, and it did, but then something happened. Covid and the great global lock down. So an interruption.

Now, gradually getting back to normal, and that projected crude oil demand will continue where it left off. Of course, the numbers will be different, and the baseline will start from a different point, but might "2023" be the new "2013"? 

The graphic above (and the linked story) suggest that's what Saudi Arabia is thinking. 

What little I know suggests Schlumberger (SLB) should benefit. 

Disclaimer: All my posts are done quickly. There will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Long notes like these are particularly prone to having errors. If this is important to you, go to the source. I'm less interested in individual well production as I am in understanding the Bakken.