Saudi Arabia ///
The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets.
Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc.
Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.
Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
Saipem has been awarded new contracts and the extension of pre-existing agreements in the onshore drilling sector in Saudi Arabia, Morocco, Bolivia and Argentina for a total value of $240 million.
The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise.
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.
Qatar Petroleum (QP) is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco.
Singapore is considering a range of measures to lure a listing from energy giant Saudi Arabian Oil Co., according to people familiar with the matter, as global exchanges compete for a slice of what could be the world’s largest-ever initial public offering.
Saudi Arabia, the world’s largest crude exporter, raised pricing for March sales to buyers from the U.S. to Asia as output cuts by OPEC and other producers shore up oil prices.
McDermott International announced it has been awarded a substantial contract from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Safaniya and Zuluf fields offshore Saudi Arabia. The brownfield project is part of a wider program to replace aging facilities with electrified platforms to enhance the potential of the fields. The contract includes the design, procurement, fabrication, transportation, installation, testing and pre-commissioning of nine slipover jackets and decks, subsea pipelines and cables, as well as the associated demolition of certain facilities, in the Safaniya field. The contract also includes one single well observation platform in the Zuluf field.
Proserv has already secured new contracts worth more than $12 million so far this year and has revealed plans for further international growth with new bases in Saudi Arabia and India.
Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut unfinished.
OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
SNC-Lavalin Fayez Engineering (SLFE), an engineering consultancy partnership between SNC-Lavalin and Dr. Zuhair Fayez, has been awarded a five-year extension to its existing General Engineering Services Plus (GES+) contract with Saudi Aramco, with three one-year options to extend.
Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said.
Saudi Arabia was said to cut February crude sales to China and southern Asian nations, while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers.
Wood Group has secured a five-year, multi-million dollar framework agreement to continue to provide engineering and project management services to Saudi Aramco’s onshore capital programs in the Kingdom of Saudi Arabia.
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said.
Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties.