Petroleum and natural gas company Saudi Aramco has signed agreements worth an estimated $50bn with multiple US companies to promote bilateral trade and investment between Saudi Arabia and the US.
Among the agreements signed are joint ventures (JV) with Jacobs Engineering and National Oilwell Varco (NOV).
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Saudi Aramco president and CEO Amin Nasser said: “The agreements signed today by Saudi Aramco with major American companies underscore the purposeful collaboration between Saudi Arabia and the US in areas of strategic importance linking Saudi Vision 2030 and America’s own economic depth and strength.”
The memorandum of understanding (MoU) signed with NOV includes provisions to form a JV in Saudi Arabia.
Leveraging the manufacturing and fabrication facilities of Saudi Aramco and NOV’s drilling technologies, the JV will provide high-specification land rigs, drilling equipment, and aftermarket services.
In addition, the companies intend to develop an education centre that would train Saudi technicians in the maintenance and operation of sophisticated drilling technology, as well as potentially create 1,000 jobs.
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By GlobalDataSaudi Aramco also signed an oil and gas investment feasibility study MoU with GE, which will explore the feasibility of new business developments covering oil and gas upstream, midstream and downstream ecosystems.
Under the MoU with Jacobs Engineering, a Saudi Arabia-based JV company will be created that provides professional programme and construction management (PMCM) services for building and infrastructure projects in the country.
Other MoUs were signed with Rowan, Nabors, McDermott, Honeywell, Schlumberger, Halliburton, Weatherford, Baker Hughes and Emerson.
Some of the agreements are aimed at localising oil field goods and services, digitalisation of oil and gas services.
Image: Saudi Aramco signs agreements with US companies. Photo: courtesy of Saudi Arabian Oil Co.
