Oilfield firm gets gas contract from Saudi Aramco

The National Energy Services Reunited Corp (NESR), a US-listed oilfield services company based in the Mena region, has been given a multi billion-dollar “unconventional” contract from Saudi Aramco, reports Gulf News on October 29th. 

The five-year contract involves completion services for the Jafurah field and other gas developments across Saudi Arabia.

The project will require a large amount of equipment and staff, according to NESR, to support its plans to expand drilling activity.

“Jafurah is a cornerstone achievement for NESR. Our work there since 2019 — including large-scale hydraulic fracturing operations — has achieved record operational results comparable to leading US shale projects,” NESR chairman and chief executive Sherif Foda said.

“We are proud to continue partnering with Aramco in advancing Saudi Arabia’s unconventional energy development.”

The Jafurah development is one of the world’s biggest unconventional gas fields and is allegedly central to Saudi Arabia’s plan to increase domestic gas production and reduce dependence on fossil fuels. 

Aramco announced the completion of an $11 billion (£8 billion) investment deal with a consortium of investors for its Jafurah gas processing facilities, according to an Aramco press release dated October 28th. 

The deal was finalised with a consortium of global investors such as Hassana Investment Company, The Arab Energy Fund (TAEF), and Aberdeen Investcorp Infrastructure Partners.

Meanwhile, Aramco has halted expansion plans for three chemical projects due to weak oil prices, as reported on October 11th.

Aramco has reportedly prioritised investment in international refining and chemical facilities in a bid to meet its objective of turning 4 million barrels a day of crude into petrochemicals.

It was reported on October 14th, the company completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture Petro Rabigh.

Gulf News, Maghrebi.org