U.S. oil drilling activity has been in a steady, long-term decline, with the number of active oil-directed rigs dropping by over 30% from late 2022 to October 2025. Helmerich & Payne (H&P) views the Middle East as a primary growth driver, particularly for international shale development and increased rig demand. H&P is investing heavily in the Middle East to offset stagnation in the U.S. market, with CEO Trey Adams highlighting continued focus on building Eastern Hemisphere land exposure. SLBSimilar to its peers, SLB N.V. (NYSE:SLB) views the Middle East as a primary growth driver. A week ago, the company secured a $1.5 billion, five-year contract with Kuwait Oil Company for development work in the Mutriba field.

Source: The North Africa Journal February 11, 2026 10:18 UTC