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  • Saudi Aramco Jackup Suspensions And The Story So Far

    Saudi Aramco’s ambitious post-Covid jackup fleet expansion programme, in which the operator looked to increase its fleet size from approximately 49 jackups in June 2022 to 90 in just two years, seemed a daring feat. But fast forward to March 2024 and the Saudi Arabian National Oil Company (NOC) almost met its target having 89 jackups at work.

  • Saudi Aramco Bets on Unconventional Field in $25-Billion Gas Expansion

    Aramco has been seeking a greater role in the global LNG market as it plans to ramp up its natural gas production and trading business. The oil giant is looking to boost its domestic natural gas supply, to replace direct crude burn for its power generation and free up more crude for exports.

  • Saudi Aramco holds OSPs for LPG in July steady, Sonatrach raises it by 11-18%

    Saudi Arabia's state oil producer Aramco (2222.SE), opens new tab left unchanged official selling prices (OSPs) for liquefied petroleum gas in July, while Algeria's Sonatrach raised OSPs for LPG by 11-18% due to a rising demand from the Mediterranean region, traders said. Aramco's July OSP for propane was stable at $580 per metric ton , as well as for butane, at $565 per ton. Propane and butane are types of LPG with different boiling points.

  • Saudi Reserves Jump to 18-Month High Thanks to Aramco Dividends

    Net foreign assets held by the kingdom’s central bank jumped 5% to $445 billion, or 1.67 trillion riyals, at the end of May, the highest since November 2022, according to figures released Sunday. That coincided with Aramco paying out more than $25 billion in dividends to the government the same month, up from about $18 billion a year earlier.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Arabia has some of the biggest gas reserves in the world. Development of the Jafurah field, estimated to hold 200 trillion cubic feet of gas, is expected to cost $100 billion and boost the firm’s gas production more than 60% by 2030.

  • Saudi Aramco finalizes deal for phase 2 of Jafurah gas field scheme

    Saudi Aramco has finalized agreements for the second phase of its Jafurah gas field development and the third stage of the expansion of its master gas system, awarding contracts exceeding $25 billion. The company has granted 16 agreements for phase two development at Jafurah, worth a combined total of around $12.4 billion. An additional 15 one-time complete contracts, worth around $8.8 billion, have been awarded to commence the phase three expansion of the master gas system, which delivers natural gas to customers across Saudi Arabia.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs.

  • Saudi Aramco to Buy 10% Stake in Renault, Geely Auto JV

    Saudi Aramco is poised to take a stake of about 10% in a powertrain joint venture with Renault SA and China’s Zhejiang Geely Holding Group Co., according to people familiar with the plan, a smaller commitment than originally signaled by the world’s biggest oil company. The transaction is set to value Horse Powertrain Ltd. at around €7.4 billion ($7.9 billion) with Renault and Geely keeping roughly 45% each, the people said, asking not to be named before the agreement was finalized. An announcement could come by month’s end, the people said.

  • Saudi Aramco signs 20-year LNG supply deal with US energy firm Sempra

    Global trade in LNG reached 404 million tonnes last year – up from 397 million tonnes in 2022 – with tight supplies constraining growth, according to Shell's 2024 LNG outlook. Global LNG demand is estimated to rise by more than 50 per cent by 2040, driven by increasing industrial coal-to-gas switching in China and the use of more LNG in South Asian and South-East Asian countries to support economic growth, the February report said.

  • Saudi’s Chemanol signs 20-year methanol agreement with Aramco and TotalEnergies

    Under the agreement, Chemanol will supply 100,000 metric tonnes of methanol annually for SATORP’s Amiral project, starting by the end of 2027. The financial impact of this deal remains uncertain due to potential changes in market conditions and product prices at the time of supply, as noted by Chemanol. The company will provide updates on any developments in this regard.