12 per cent rig expansion in Saudi Arabia

Saudi Arabian Oil Co. is looking to increase its drilling-rig count to 145 next year to boost natural-gas and oil from its Manifa field.

Sadad al- Husseini, a former executive of the state-run company, has revealed Saudi Aramco will drill for gas onshore in northern Saudi Arabia as well as offshore in Hasbah field in the Persian Gulf. By next year, the company will have 50 drilling rigs for oil, 50 for gas, 15 for exploration and 30 workover rigs to maintain existing wells.

Saudi Arabia is the world's largest crude exporter, currently pumping out around ten million barrels a day of crude oil.

Commenting on the expansion in Bloomsberg Businessweek, al-Husseini said the oil drilling is predominantly to “replace capacity declines that result from ongoing production" and that "the oil drilling will not add new capacity, except for the Manifa drilling".

Nabors Inustries Ltd is also looking to expand offshore, confirming it had talks in March with Saudi Aramco about adding more rigs.