The CPA awarded to Accell enables Aramco to efficiently procure InflowControl’s patented AICV® technology to support the reduction of unwanted water and increase of net-oil from their onshore and offshore wells.
Unioil chief executive Janice Co Roxas-Chua said separately, “We are confident that this [the partnership with Aramco] will equip ourselves in accelerating our growth and development, further innovate, and strengthen our position as a leader in the wholesale and retail fuels market”.
Saudi Arabian Oil Co. on Monday signed 145 deals totaling about $9 billion as part of the oil giant’s In-Kingdom Total Value Add (iktva) program.
Aramco has signed a shareholders’ agreement with Linde and SLB, paving the way for development of a Carbon Capture and Storage (CCS) hub that is expected to become one of the largest globally. Under the terms of the shareholders’ agreement Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake.
The Jubail CCS hub’s initial phase will see up to 9 million tonnes of CO2 captured and stored each year, with construction completed by the end of 2027. Additional phases are planned in order to further expand the hub’s capacity.
Saudi Arabian Oil Co. (Aramco) has signed a shareholder agreement with two companies to build a carbon capture and storage (CCS) hub in Saudi Arabia with an initial capacity of nine million metric tons per annum (MMtpa).
Saudi Arabian Oil Co. (Aramco) has completed the purchase of a 10 percent stake in Horse Powertrain, in an agreement announced June. Aramco said in a media release the transaction, completed through its unit Aramco Asia Singapore Pte. Ltd., is part of efforts to develop new mobility solutions with the potential to reduce transport emissions.
Saudi oil giant Aramco and Abu Dhabi’s ADNOC plan to expand their downstream businesses, especially in Asia, to lock in future demand for their crude in the petrochemicals sector.
The cost to use a drilling rig to explore for crude oil and natural gas in the Middle East may have bottomed out after dropping almost 20% since the end of 2023 after Saudi Aramco cancelled its long-planned crude output capacity expansion in late January.
Saudi Aramco’s net income for Q1 2024 fell due to lower crude sales.
The company maintained its $31.1 billion dividend payout despite the profit dip.
This prioritization of shareholder payouts over short-term profit raises questions about Aramco’s strategy.