Saudi Aramco has awarded Baker Hughes a contract to develop its Marjan field as the world's biggest oil producing company looks to ramp up production offshore by 2023.
Aramco did not disclose the value of the contract in a statement on Tuesday.
“The Marjan oilfield is one of the major upstream developments this year that will contribute to the kingdom’s oil production strengths, helping maintain capacity and meet domestic and global demand," said Mohammed Al Qahtani, senior vice president of upstream at Aramco.
Baker Hughes, which is part of GE, will begin work on the field's capacity expansion this month, with the scope of contract includes drilling, reservoir navigation and associated services.
Saudi Arabia, which accounts for 12.9 per cent of the world's oil output, is undertaking field development work offshore the kingdom to offset onshore decline and help maintain its production capacity at around 12 million barrels per day. Marjan, along with Berri and Zuluf fields, are on target for capacity expansion to more than one million bpd.
_______________
Read more:
A delay in Aramco IPO is in the interest of the Saudi energy industry
Aramco-Sabic deal to spur consolidation in regional petchems
_______________
Last year, Aramco awarded UK group Amec Foster Wheeler a contract to provide key offshore and onshore work on the Marjan field.
Development of spare capacity is critical for Saudi Arabia, which plays a significant role as a swing producer within Opec. Aramco has upped production since July as part of a concerted effort by Opec and its allies to balance the oil markets amid a resurgence in crude prices. Saudi Arabia reported 10.288 million bpd crude oil production at the end of July, a nearly 350,000 bpd jump from its self-reported figures for the first quarter.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
Fifa World Cup Qatar 2022
First match: November 20
Final 16 round: December 3 to 6
Quarter-finals: December 9 and 10
Semi-finals: December 13 and 14
Final: December 18
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
COMPANY PROFILE
Name: Mamo
Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua
Based: Dubai, UAE
Number of employees: 28
Sector: Financial services
Investment: $9.5m
Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors.
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
UAE currency: the story behind the money in your pockets
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
'Ashkal'
Director: Youssef Chebbi
Stars: Fatma Oussaifi and Mohamed Houcine Grayaa
Rating: 4/5
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
