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IADC International Onshore Advisory Panel considers Middle East VAT, API 53 concerns

The Middle East land rig market has been among few bright spots in the global drilling market since the 2014 oil price downturn, with the rig count showing more stability versus markets like Latin America and Canada. Now, the IADC International Onshore Advisory Panel is closely monitoring issues around value added tax (VAT) laws implemented by the Gulf Cooperation Council in January 2018, said Jim Tolsma, Senior Director for the Arctic and Latin America business units for Parker Drilling, at the IADC 2018 Drilling Onshore Conference and Exhibition in Houston. In this video, Mr Tolsma provides an update on its ongoing discussions, including the panel’s work to help revise the IADC Land Drilling HSE Case Guidelines and concerns over proposed API 53 requirements on blind ram shears.

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