Speaking exclusively to Oil Review Middle East, Sherif Foda, chairman and CEO of leading MENA oilfield services company NESR, discusses business prospects
"The MENA region’s energy sector is proving to be highly promising with numerous, albeit different, strength points across countries. We predict that some markets will grow much faster than others, based on their timelines and goals to increase their capacity.
"Kuwait is one example of how much potential the region holds, with the GCC country expected to achieve the highest percentage of growth to work toward ambitious production capacity targets.
"At NESR, we have been specifically focused on maintaining a fully diversified portfolio across more than 15 countries to ensure we are ready to increase service capacity at a very fast pace, based on unique demand drivers such as those in Kuwait, by leveraging our agility and leading MENA footprint to ensure we remain the most focused, customer-centric service provider in our sector.
"Our focus for the foreseeable future is on investing in research and development to enhance our intellectual property, particularly around advanced drilling tools and decarbonisation, which will, in turn, help us reach our goal of doubling the size of the company over the next three to five years."Since the company’s foundation, we’ve already quadrupled the size of the business through the establishment of key “anchor countries” and portfolio “pull through” in each of these countries to maximise our segment touch points. When it comes to our next-gen advanced drilling technologies platform ROYA, we are proud to be the first MENA company to organically build its own RSS, MWD and LWD. ROYA is an platform which we recently
launched at the International Petroleum Technology Conference (IPTC) in Saudi Arabia. Since then, I am proud to say we successfully executed multiple jobs in the region after extensive testing in North America."You can read the full interview in the latest issue of Oil Review Middle East, here
Leading in drilling innovation
NESR is investing in next-gen advanced drilling technologies. (Image source: Adobe Stock)
