SAIPEM WINS $2 BLN
Saipem has been awarded a new Engineering & Construction contract in Saudi Arabia and new Drilling contracts in the Middle East and in Latin America cumulatively valued approximately $2 billion.
Saudi Aramco has awarded Saipem an EPC contract relating to the expansion of the onshore production centers at the Khurais, Mazajili and Abu Jifan fields. The construction of new facilities will allow to process additional 300,000 barrels per day from the Khurais field, while the installation of new satellite facilities will reinstate production of 200,000 barrels per day from the Abu Jifan and Mazalij fields. The Khurais field is located about 150 km northeast of Riyadh and it is a giant oil field, 127 km long and covering an area of 2890 km2.
Saipem already built in the past the majority of the original Khurais facilities, including the installation of four separation units, all the utilities, the seawater treatment plant and various seawater pipelines.
Furthermore in Drilling, Saipem has secured a new contract for Perro Negro 7 jack-up, operating offshore in the Middle East, starting from November 2015 until the end of 2018. Perro Negro 7 is a self-elevating drilling unit capable of operating in water depth up to 375 feet.
Saipem has also been awarded, by different clients, new contracts relating to 9 onshore drilling rigs operating in the Middle East and in Latin America. The contracts have been signed under different terms, varying from three months to three years, and starting at different dates during 2014 and 2015.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.