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Clarksons Research comment on Middle East offshore activity

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Oilfield Technology,

Speaking ahead of ADIPEC, where Clarksons Research will be exhibiting, Steve Gordon, Managing Director of Clarksons Research commented: “Offshore activity in the Middle East has been increasing, with 122 jack-up rigs now active and project FIDs totalling US$23 billion announced already in 2019. Today we estimate that the Middle East is producing 7 million bpd of offshore oil, nearly one third of global offshore oil supply”.
  • Offshore Middle East investment and activity levels are increasing, with project Final Investment Decisions (FID) totalling US$23 billion reported across the Middle East Region in the year to date, over one third of CAPEX confirmed globally. Most investment continues to focus on redevelopment of expansion of existing fields.
  • Demand for jack-up drilling rigs also continues to increase, with 122 active in the Middle East region, up from 107 at start 2017 and constituting 30% of global jack up activity, with further growth expected for 2020. Major drilling contracts active in the region include National Drilling (20 active units), Valaris (18), Shelf Drilling (11), ARO Drilling (8), Gulf Drilling (7), Noble (6) and ADES (6).
  • Saudi Aramco are the world’s largest operator of rigs, with 53 currently units currently active, up 26% since start 2017.
  • Offshore Support Vessel (OSV) activity increasing in the region, with utilisation up to 70%(start 2017: 61%). Today we estimate 427 AHTS and 159 PSV are active in the Middle East region, with leading owners including ADNOC, Tidewater, Milaha, Zakher, Zamil, Stanford Marine, Britoil Offshore, Seacor, Bourbon and Topaz.

Clarksons Research will be exhibiting at stand 8634 in Hall 8.

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