Saudi energy giant Aramco has awarded major offshore contracts amid aggressive investment push to scale up output.
A pairing of Indian engineering giant Larsen & Toubro (L&T) and Oslo-listed Subsea 7 last month landed multiple EPC contracts from Saudi Aramco under the latter’s long-term agreement (LTA) framework to which a select group of international contractors have access.
The contract includes work on the further development of Aramco’s giant Zuluf oilfield with a project scope that involves both new infrastructure and the upgrading of multiple production deck modules, sources said.
Aramco also awarded a major contract to Saipem to execute the offshore EPCI of one platform topside and the associated subsea flexible, umbilical, and cable system.
The company recently noted that its capital expenditure for 2023 between $45 to $55 billion in its largest spending exercise to date as it looks to increase its output capacity to 13 million b/d by 2027.
Most of the incremental volumes in Saudi Arabia are expected to come from its key offshore oilfields during the next few years, requiring multiple phases of investments