Saudi Aramco said it is currently operating about 220 drilling rigs as it sees continued investment in capacity.
Saudi Arabia’s Energy Minister Khalid al-falih said it comes despite low oil prices.
The politician, who is also chairman of Aramco, said continued invested in drilling enable Saudi Arabia to offset the gradual decline in output from mature fields.
He said the kingdom is maintaining production capacity at 12.5million barrels per day.
“We have not reduced the number of drilling rigs during the crisis. Around 220 rigs are in operation.
“Aramco can capitalise on low production costs to increase funding for these ongoing investments from its own resources, and they have absolutely not been affected by the drop in prices, ” he added.