US based Nabors Industries announced the previously agreed 50/50 joint venture between Saudi Aramco and Nabors called SANAD has begun commencement of operations. In an effort to introduce world class industry hubs locally, Saudi Arabia has created anchor projects like SANAD to foster economic growth and job creation. Both Nabors and Saudi Aramco have made equal contributions of cash and/ or assets into the entity.
According to Nabors Chairman, President and CEO Anthony G. Petrello:
“SANAD represents a new paradigm in the operator / contractor relationship. This pioneering partnership between the world’s largest oil producer and land driller represents a new era in our decades-long relationship with Saudi Aramco and a key element in the advancement of the Kingdom’s Vision 2030. It is also an exceptional opportunity to achieve significantly higher operating efficiency and well productivity through the implementation of new cost-effective technologies and practices.”
Additionally, SANAD targets to purchase and operate fifty locally sourced newly constructed rigs over a ten year period.
About Nabors Industries
Owners and operators of the world’s largest land- based drilling rig fleet; Nabors Industries provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Nabors Industries is also a provider of offshore platform rigs in the United States and numerous international markets.
About Saudi Aramco
Headquartered in Dhahran, Saudi Arabia, Saudi Aramco operates as an oil exploration company and focuses on hydrocarbons exploration, production, refining, distribution, shipping, marketing crude oil and natural gas liquids. It employs around 65000 employees and it operates in its Asia, North America and Europe. The company valuation of Saudi Aramco is estimated between $2 trillion which makes it the most valuable publicly traded company in the world.