Saudi Arabia
News
June 30, 2024
The contracts relate to phase two development of the vast Jafurah unconventional gas field, phase three expansion of Aramco’s Master Gas System, new gas rigs and ongoing capacity maintenance.
News
June 02, 2024
Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to the government that’s seeking funds to help pay for a massive economic transformation plan.
News
May 29, 2024
ABL will provide MWS to review, survey and approve all operations relating to the transportation & installation (T&I) of 13 shallow water steel jackets, associated piles, conductors and other project critical items.
News
May 21, 2024
The International Maritime Industries (IMI) already has signed offtake agreements totaling $10 billion over 10 years with partners Aramco and Bahri, for the delivery of 20 rigs and 52 vessels acquiring at least 75% of Bahri commercial vessel needs over the period from the shipyard.
News
May 20, 2024
The agreement will see Pasqal install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.
News
April 23, 2024
Baker Hughes will supply 17 pipeline centrifugal compressors driven by state-of-the-art aeroderivative gas turbines for Aramco’s project. The new 4,000-km pipeline is vital to the Kingdom’s energy transition, with expectations to increase domestic gas distribution and contribute to a reduction of carbon emissions and oil consumption.
News
April 23, 2024
The fund projects Saudi oil production will reach 10 MMbpd in early 2025, from what’s now a near three-year low of 9 MMbbl. Saudi Arabia says its production capacity is around 12 MMbpd and it’s rarely pumped as low as today’s levels in the past decade.
News
April 07, 2024
Valaris Limited announced that ARO Drilling, its joint venture in Saudi Arabia, received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup VALARIS 143. The rig’s contract was previously scheduled to end in December 2024.
News
April 04, 2024
In March, Saudi Aramco announced plans to reduce capital investment by roughly $40 billion between 2024 and 2028. This was mostly due to the Kingdom’s decision to maintain productive capacity at 12 MMbpd. As part of the decision, Aramco has suspended 17 rigs to date, with a potential for additional releases in the near term.
Article
February 2024
Saudi Arabia suspends oil expansion as neighboring producers plan to raise output
News
March 05, 2024
The MGS‐3 aims to expand the existing natural gas network in order to provide gas supply to various industrial consumers in the region. This expansion of the natural gas network is expected to enhance the ability to meet the growing energy demand in Saudi Arabia and replace liquid fuel burning, contributing to Saudi Arabia’s drive towards a diverse energy mix.
News
February 27, 2024
The company has booked 15 Tcf of raw gas and 2 Bbbl of condensate as proven reserves at Jafurah. It now estimates that Jafurah contains a total resource of 229 Tcf of raw gas, alongside an estimated 75 Bbbl of condensate.
News
January 31, 2024
State-run Aramco announced on Tuesday that it’s pausing a 1 MMbpd capacity expansion scheduled for 2027, without providing any explanation. With a constrained outlook for oil demand and swelling oil-service expenses, the decision makes sense, Wood Mackenzie said.
News
January 30, 2024
The surprise move comes after the world’s biggest oil exporter had said in November that it was progressing “very well” with a multibillion-dollar project to boost capacity to 13 MMbpd by 2027 as demand in China and India continues to grow.
News
December 06, 2023
At the center of discussions in Riyadh will be Russia’s role in OPEC+, the Saudi-led alliance between the Organization of Petroleum Exporting Countries and other major oil producers, which last week agreed to extend and deepen production cuts to bolster prices.
News
December 05, 2023
OPEC+ could take further measures if last week’s production cuts agreement isn’t enough to balance the oil market, said Deputy Prime Minister Alexander Novak.
News
November 27, 2023
The OPEC leader has been making a largely unilateral production cutback of 1 MMbpd since July, and is now seeking further support from across OPEC and its partners, said the delegates, asking not to be identified because the information is private.
News
November 07, 2023
Delivery of the contract includes the design and manufacture of top drives from Kenera’s rig equipment business, Bentec.
News
October 05, 2023
“The 2023 forecast has been further revised downward in the past 12 months following the oil-production cuts announced by OPEC+ in October 2022 and April 2023, and the additional cuts announced by Saudi Arabia in June 2023,” according to the report.
News
October 04, 2023
The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow is curbing exports by 300,000 bpd, on top of earlier cuts made with fellow OPEC+ nations.
