Saudi Arabia’s Arabian Drilling Co. is looking for growth in the kingdom’s crude oil and natural gas production as the country will be “critical” to meet demand for hydrocarbons that it sees from the Middle East and globally, according to a Sept. 18 statement about plans to sell shares. Saudi Arabia is expected to account for 30% of total Middle East and North Africa hydrocarbon additions until 2030, the company said in the statement on the local stock exchange. Upstream growth plans in the Middle East are accelerating amid higher oil prices this year, which have prompted calls from buyers for more supply. Dated Brent has jumped 22.9% in the past year to $91.02/b as of Sept. 16, according to assessments by Platts, part of S&P Global Commodity Insights. Arabian Drilling has a total fleet of 45 rigs, with a 17% market share in the kingdom, with an average […]