Shoaibi, Strata Energy form Saudi drilling venture

Saudi Arabia’s Shoaibi Group formed a joint venture with Strata Energy Services Inc of Canada to provide drilling services in the kingdom, Shoaibi said. The venture, Strata Energy Services Saudi Arabia Ltd, will offer technologies that allow a driller to evaluate an oil reservoir while boring a well, Shoaibi said on Tuesday in an e-mailed statement.

It may also provide services to recover crude in non- traditional ways such as by injecting steam or carbon dioxide into reservoirs. The venture will be based in the eastern Saudi city of Khobar and plans to expand into Bahrain and Algeria, Shoaibi Group Director Faisal Al Shoaibi said in the statement.