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Saudi Aramco has stepped up contract awards to develop key offshore fields to offset production declines elsewhere. The aim is to maintain crude production capacity of around 12.5mn b/d.
Saudi Arabia is currently producing at just under 10mn b/d and has production capacity of 12.5mn b/d. But with a natural decline rate of around 6%, it must add some 600,000 b/d of extra production each year just to stand still ( MEES, 5 June 2015 ).
The kingdom looks to be increasingly focusing on its offshore assets to provide this additional crude, signing a number of contracts with service companies in recent months. Five firms are prequalified to tender for projects offshore Saudi through Long Term Agreements (LTA): Italy’s Saipem and US firms McDermott and Dynamic Industries, a JV of Mumbai-headquartered engineering firm L&T and Houston-headquartered offshore services firm EMAS Chiyoda Subsea, and the UAE’s NPCC. (CONTINUED - 423 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Saudi Arabia Offshore Rig Count Well Below 2015 Heights|