Plain sailing for Gulf offshore
Saudi Arabia and the UAE are pressing on with offshore drilling activity despite the slump
OFFSHORE rig activity in the Gulf is standing up surprisingly well to the stiffening breeze of austerity from a sustained period of low global oil prices. Saudi Arabia and the UAE in particular continue to offer opportunities for service companies that are fast vanishing in other corners of the globe. Saudi oil minister Ali Al-Naimi insists that while the kingdom is being forced to take a range of cost-cutting measures, energy-sector development plans will continue. It is understandable, he said in October 2015, that “when prices fall, companies and governments reduce expenditure. But sustained and steady investment is important for an industry with such long-term horizons.” His business-as-
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
