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00:00Despite the challenges, we have seen a record increase in the number of oil drilling companies in the Gulf region.
00:10What is most notable is the number of companies operating in this sector.
00:17In Saudi Arabia, we have Addis, Al-Hafr, Adnok in the UAE, Abraj in Oman, and the Gulf of Qatar.
00:26In Qatar, the total profits grew by about 48% to $226 million.
00:36But the highlight is the huge growth in revenues by about 31% to $1.2 billion.
00:46But what about the distribution of these results according to different companies and countries?
00:52Addis, Al-Qabida, grew by about 125% to $75 million.
00:59Adnok, Al-Hafr, grew by about 26% to $75 million.
01:08In the rest of the sectors, we have Abraj, which grew by about 128%.
01:15Al-Arabiya, Al-Hafr, grew by about 3% to $100 million.
01:18And the Gulf of Qatar, Al-Khadamat, grew by about 76% to $100 million.
01:24But let's look at the challenges that these companies may face.
01:30Let's talk about the Saudi market.
01:33After Saudi Arabia announced the withdrawal of production plans to 13 million barrels per day until a later date.
01:41Will these companies' results be affected?
01:44Addis has announced that it has suspended the operation of five drilling platforms in Saudi Arabia for 12 months.
01:52The other company has announced that it has suspended the operation of three drilling platforms in Saudi Arabia for 12 months.
02:04Therefore, we will monitor the impact of the withdrawals and the results of these grants.
02:09But what about the external and local expansion of various companies?
02:13Let's start with Al-Hafr, which won a grant of about $1.7 billion.
02:21This is to extract non-traditional energy sources in the UAE.
02:26But in Saudi companies and external expansions, Addis has won a number of foreign contracts in Thailand, Egypt and Qatar for $93 million.
02:39Therefore, it seems that the external impact may be compensated by Addis with external expansions.
02:45So, despite the challenges, there is a steady growth in the results and intentions of oil exploration companies in the Gulf.