Aramco awards $18bn in contracts to boost oil output capacity
Aramco plans to bring about 1-million bpd of oil capacity online by 2023
Dubai — Saudi Aramco, the world’s largest crude exporter, awarded $18bn in contracts to boost output capacity at two offshore oil fields even as the kingdom and its oil cartel Opec partners restrict production.
Saudi Arabia’s state oil company will add a combined 550,000 barrels per day (bpd) of crude-production capacity at its Marjan and Berri fields, it said in a statement on Tuesday. It will raise capacity for natural gas output at the deposits by 2.5-billion standard cubic feet a day. Aramco awarded 34 contracts, with half of them going to Saudi firms, according to the statement...