Saudi Aramco has asked contractors bidding to be part of its proposed group of Long-Term Agreement (LTA) contractors for onshore projects to revise their bid rates, according to sources. Bidders have ‘until end of next week’ to submit revised offers, one source said, implying the submission deadline is 21 May.
Gulf national oil companies (NOCs) have been negotiating with their wider supply chain for price discounts and rate revisions in an effort to reduce their operating costs during the ongoing oil and gas industry downturn, brought about by low oil prices and the coronavirus pandemic.
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