Saudi Aramco reported stronger first-quarter earnings as higher crude prices and expanded pipeline exports helped offset disruption tied to the ongoing Strait of Hormuz crisis.
Saudi Aramco has let two offshore contracts to Saipem under its existing long-term agreement.
Saipem has secured two Contract Release Purchase Orders (CPROs) worth around USD 400 million for offshore EPCI work under its long-term agreement with Saudi Aramco, Saipem announced on Wednesday. Under the first of the two contracts, CRPO 154, Saipem will deliver EPCI towards one water injection tie-in platform, two water injection wellheads and approximately 5 kilometres of […]
Global oil demand is set to grow by 1.1 million barrels per day (bpd) this year to a new record high, according to the world’s single largest crude exporter, Saudi oil giant Aramco.
Saudi Aramco jumped the most since April 2023 on Sunday as the Iran war entered its second week, prompting supply disruptions that may send oil prices higher when global markets reopen.
Saudi Aramco has begun production of light oil (condensate) from its $100 billion Jafurah unconventional gas project, after the company completed Phase 1 construction of the 450-MMcf/D-capacity gas plant. This marks the first export of liquids from the massive field, which is primarily designed to produce natural gas.
The oil industry must step up exploration and investment in new supply; otherwise, the world risks a supply shortage, according to Amin Nasser, the chief executive of the Saudi state oil giant Aramco.
The shift concerns, first, the fact that alternative energy sources have added to rather than replaced oil and gas, and second, that “every major forecaster is revising scenarios, with oil and gas locked in for decades”, Nasser said, saying he hoped the outlook for long-term oil and gas investment had changed for the better.
This marks the strongest signal yet that Aramco intends to take a material position in the U.S. LNG sector. It also follows earlier exploratory efforts with projects such as Delfin LNG and Energy Transfer’s Lake Charles facility, though those discussions have not resulted in formal agreements. The Commonwealth negotiations, if concluded, would give Aramco a direct channel into the fast-growing U.S. Gulf Coast export market, amid rising demand in Asia and Europe.
SLB and Aramco have signed an agreement with the aim of co-developing, commercializing, and utilizing digital solutions to help mitigate greenhouse gas (GHG) emissions in industrial sectors. These solutions would be integrated within SLB’s digital sustainability platform, building on the collaboration announced in 2022.