Aramco’s agreement with Hengli Group enables talks for a potential 10 percent stake acquisition
Aramco let contracts for two offshore projects in Saudi Arabia to Saipem under an existing long-term agreement.
State-owned energy giant finds new fields and reservoirs
Saudi Aramco, the world’s largest oil exporting company, has awarded contracts exceeding $25 billion to advance its strategic gas expansion plan, which aims to increase sales gas production by more than 60 per cent by 2030, compared to 2021 levels.
Saudi Arabia’s energy giant Aramco has topped a list of the world’s largest oil companies in terms of proven reserves, boasting figures 15 times greater than its nearest competitor, according to newly calculated figures.
Saudi Arabia’s oil giant Aramco looks caught between a rock and a hard place. It seeks to win over new investors, especially foreign ones, while at the same time – as the world’s top crude oil exporter and the biggest OPEC producer – not allowing oil prices to crash.
The Aramco US$12 billion share sale sold out shortly after the deal opened.
Aramco’s share sale comes at a time when oil prices remain depressed mainly due to concerns about weak global demand.
Details of the split between local and foreign investors in the offering are yet to emerge.
Arabian Drilling Co. (ADC) and Saudi Aramco finalized their discussions on the suspension of three offshore drilling platforms, as announced previously.
Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to Saudi Arabia’s government as it seeks funds to help pay for a massive economic transformation plan.
Saudi Arabia is expected to launch as soon as Sunday a secondary share sale in its oil giant Aramco, Reuters reported on Thursday, quoting sources familiar with the plans.