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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Baker Hughes sees Saudi rig cut, region strong Reuters - Friday, November 14 NEW YORK, Nov 13 - Saudi Aramco is expected to reduce the number of rigs drilling for oil and gas in the coming months, but spending by other national oil companies in the Middle East is expected to remain strong, an executive at Baker Hughes <BHI.N> said on Thursday. "We do expect that will lay some rigs down ... but outside of Aramco, it seems pretty strong," Martin Craighead, president of Baker Hughes' Drilling & Evaluation group, told a Bank of America investment conference. Costs for oilfield services such as drilling have risen sharply in recent years as demand from oil and gas producers surged, but a sharp drop in the price of oil has raised concerns that the those producers would pare back their spending. Those rising costs, coupled with the turmoil in the global economy, are forcing companies to reconsider some of their more expensive projects. Still, Aramco, the state-owned company that is the world's largest oil exporter, remains on track to boost its production capacity to 12 million barrels per day by mid-2009, Chief Executive Khalid al-Fahlin told news channel al-Arabiya on Sunday. Last week, Aramco and U.S. oil major ConocoPhillips <COP.N> said they had halted construction of the 400,000-barrel-per-day Yanbu refinery because of uncertainties in the global financial markets. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Baker Hughes sees Saudi rig cut, region strongReuters - Friday, November 14 Rouble to weaken if oil falls to $35/bbl-Kremlin aideReuters - Friday, November 14 Oil price drop may mean lower heating costsAP - Friday, November 14 Oil price dives under 55 dollars per barrel in LondonAFP - Wednesday, November 12 Related Articles: Business Japan to offer up to $100B for IMF bailout fundAP - 1 hour 1 minute ago AMD makeover moves show limited choices in slumpAP - 1 hour 8 minutes ago UPDATE 1-SingTel gets S$1.075 bln in bank financingReuters - 1 hour 13 minutes ago RPT-Nintendo says sold over 800,000 Wii in U.S. in OctReuters - 1 hour 15 minutes ago US Steel lays off 675 workers in US, CanadaAP - 1 hour 37 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Oil price dives under 55 dollars per barrel in London Earth would be heading to a freeze without CO2 emissions View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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