Fossil Energy – Shutdown
The largest listed oil and gas drilling company in Saudi Arabia said on Tuesday it had suspended a handful of its offshore drilling rigs because of the conflict in the Gulf.
Ades Holding shared the news in a disclosure to the Saudi Exchange. It is the first Saudi drilling company to announce a pause in production since the US-Israeli war with Iran began.
The company is a major partner of Saudi Aramco, the client for all of its Saudi drilling rigs.
Aramco had confirmed it was drawing down production of heavy crudes to focus on lighter grades that it could more easily ship through Red Sea ports.
Saudi Arabia’s heavy crude production largely comes from offshore drilling platforms, while its lighter blends usually originate onshore.
