Saudi-US companies sign oilfield services deals in bilateral cooperation push

  • Business & Finance

Oil giant Saudi Aramco has made deals with 14 U.S. companies with a total value of over $10 billion during the Saudi-US CEO Forum in New York.

Saudi Aramco said on Tuesday that it participated in the Saudi-US CEO Forum to promote bilateral business and cooperation between the two countries. The forum was scheduled to coincide with the official visit to the United States by Crown Prince Mohammed bin Salman.

On this occasion, Saudi Aramco signed deals with 14 companies including major oilfield service providers like Schlumberger, Baker Hughes, Halliburton, ARO Drilling, and Weatherford.

The deal with Schlumberger is a corporate purchase agreement for downhole equipment and wellhead surface control equipment. Baker Hughes, a GE company, signed a deal for downhole equipment and services while the deal with Halliburton was also for downhole equipment and services but also for well and rig services.

Weatherford and Saudi Aramco signed a purchase agreement for well-testing services while the agreement with ARO Drilling was for offshore drilling services.

Other names that signed a deal with Saudi Aramco include Emerson, Google, National Geographic, and the Smithsonian Institute, among others.

Speaking at the Forum, Saudi Aramco President and CEO Amin H. Nasser, said: “We have enjoyed a long and successful relationship with our US partners since the discovery of oil in Saudi Arabia more than 80 years ago, and it is a pleasure to be here today among so many friends who are all looking to explore and develop opportunities for commercial, industrial and economic cooperation between the Kingdom and the United States, which we hope will achieve exceptional success during the next 80 years to serve future generations.

“We are also looking at cooperation in infrastructure, manufacturing and services industries; all of which the United States is distinguished for and critical to managing and operating as well as growing an enterprise of Saudi Aramco’s scale.”

During the Forum, Nasser also participated in a panel discussion on Giga projects. He spoke on Saudi Aramco’s experience in the management and implementation of Giga projects, starting with the Shaybah development project, which came online producing 1 million barrels per day, moving to the gigantic Sadara project, the mega Jazan Refinery project, the King Salman International Complex Maritime Industries and Services project, and the game-changing King Salman Energy Park.

He also urged industry players to define a set of the most important elements of success that should be considered in the development of projects of this scale as among the advantages that make distinctive and successful planning for Giga projects to be potentially implemented in Saudi Arabia.

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