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China's Oil Reserves Near Limit

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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Saudi Aramco Awards $18B Deals To Sustain 12-Million-Bpd Oil Production Capacity

Saudi Aramco has awarded 34 contracts worth a total of US$18 billion to boost the oil production capacity of two fields by 550,000 bpd, in order to sustain its 12-million-bpd production capacity by the early 2020s.

Saudi Arabia’s oil giant plans to increase the production capacity of the offshore Marjan and Berri fields by 550,000 bpd and by 2.5 billion standard cubic feet a day (bscfd) of gas, the company said in a statement.  

Under the plans to raise production capacity at the two fields, Saudi Arabia aims to have production at the offshore Marjan field increase by 300,000 bpd of Arabian Medium Crude Oil, while output at the offshore Berri field will rise by 250,000 bpd of Arabian Light Crude—for a total of 550,000 bpd increase in oil production capacity that is set to replace production capacity lost from ageing oilfields.

“These two programs will significantly enhance Saudi Aramco’s oil production and gas processing capabilities, both strengthening our position as the leading integrated energy supplier and meeting growing long-term demand for petroleum,” Amin Nasser, president and chief executive at Saudi Aramco, said.

Sixteen Saudi and international companies were awarded contracts for engineering, supply, and construction at the two fields, with Saudi firms accounting for 50 percent of the awarded contracts.

Last September, Saudi Aramco awarded to Baker Hughes the first integrated services contract for capacity expansion of its large offshore Marjan oilfield, the Saudi firm’s biggest upstream development for 2018 and the first of three planned major offshore expansions.

Also in September 2018, Aramco awarded a contract to China Harbour Engineering Arabia to build two man-made drilling islands to support the Berri field production capacity islands, as part of the plan to increase production at the field.

Saudi Aramco’s Berri Increment Program (BIP) targets to double crude oil production from the Berri oilfield by 250,000 bpd to reach 500,000 bpd, to maintain Saudi Aramco’s maximum sustained capacity by early 2023, the company says.

By Tsvetana Paraskova for Oilprice.com

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