News

HFI is proud to share that our Managing Partner, Hugh Fraser, will be attending the IADC Drilling Middle East Conference & Exhibition in Dammam, KSA, on 14–15 October. This event will bring together industry leaders and drilling professionals to discuss challenges and share best practices. Cutting-edge technology advances, including drilling automation, will be featured, as will case studies of relevant technical achievements.

The Energy Industries Council (EIC) DataStream project database is currently tracking 217 energy projects across the region, valued at US$26bn through to 2035. These span oil & gas (US$135bn), power and transmission (US$50 bn), and energy transition technologies (US$79bn).

This investment landscape mirrors Aramco’s strategic direction, as reflected in its Q2 2025 profits of US$22.7bn and projected CAPEX of US$52–58bn for the year. Notably, 60% of Aramco’s CAPEX is allocated to exploration and production, while 10% targets new energy initiatives. Despite Aramco's CAPEX commitments and plans the drilling sector has been disappointed about the level of contract awards this year but expectations are higher for 2026.

Aramco is advancing its focus on emerging technologies and sustainable energy, with continued investments in new energy initiatives and digital innovation, particularly in AI. The company significantly expanded its AI computing capacity to over 500 PetaFLOPS - a 20-fold increase from the previous year. Additionally, it signed new power purchase agreements to support the development of renewable energy projects, leveraging Saudi Arabia’s abundant solar and wind resources to strengthen its long-term energy strategy.

Reflecting this broader momentum toward energy diversification, I am particularly looking forward to “The IADC Geothermal Well Classification & Middle East Potential” session by Steve Nas, Senior Drilling Engineer at WellSpec. It introduces a standardized framework bridging geothermal and oil & gas practices, with a special focus on unlocking geothermal potential in the Middle East - an exciting and timely topic for our region.

This event is a great opportunity to reconnect with clients and connections. If you are attending or simply want to catch up feel free to reach out.