The trend of Saudi Arabia’s growing importance to Schlumberger, Halliburton and Baker Hughes looks set to continue. Aramco recently announced it is cementing its relationship with the three, and fellow services firm Weatherford, with the signing of multi-billion dollar contracts under a new Corporate Procurement Agreement (CPA).
It has awarded Schlumberger, for the first time, a five-plus-two-year contract for the supply of the products and services associated with well completion activities in Saudi Arabia. This was the first contract concluded under the 10-year CPA agreement recently signed by both companies and establishes the framework for future contracts under this master agreement. (CONTINUED - 1026 WORDS)