Aramco – Oil & Gas 360

Aramco awards Baker Hughes multi-year coiled tubing drilling contract

October 27, 2025

(World Oil) – Baker Hughes has secured a multi-year agreement from Aramco to significantly expand its integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order, booked in the third quarter of 2025, will see Baker Hughes increase its active UBCTD fleet from four to ten units beginning in 2026. Under the new contract, Baker Hughes

Aramco awards Baker Hughes multi-year coiled tubing drilling contract

October 24, 2025

(World Oil)– Baker Hughes has secured a multi-year agreement from Aramco to significantly expand its integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order, booked in the third quarter of 2025, will see Baker Hughes increase its active UBCTD fleet from four to ten units beginning in 2026. Under the new contract, Baker Hughes

Aramco signs pacts worth up to $90 billion with U.S. companies

May 15, 2025

(World Oil) – Oil giant Saudi Aramco signed agreements with major U.S. companies potentially totaling about $90 billion. The company signed 34 memorandums of understanding and pacts through its Aramco Group Co., covering collaborations and partnerships on liquefied natural gas, fuels, chemicals, emission-reduction technologies and artificial intelligence, among other fields, Aramco said in a statement. The world’s largest oil company announced

Aramco CEO predicts record oil demand will follow OPEC+ output revival

March 4, 2025

(World Oil) – Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of the world’s biggest oil producer Saudi Aramco. Oil use is set to rise by 1.3 million barrels a day (bpd) this year to just over 106 million bpd, helped for petrochemicals and jet

World oil demand is strong despite market “overreaction” Aramco CEO says

August 6, 2024

World Oil (Bloomberg) – The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco. Brent crude dropped to almost $75 a barrel on Monday, alongside a rout in global stock markets, after a weaker-than-expected U.S. jobs report sparked fears of a recession. Prices stabilized on Tuesday

OPEC+ extends deep oil production cuts into 2025

June 3, 2024

Yahoo Finance LONDON/DUBAI-OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to

Saudi won’t boost oil production capacity: Here’s why

February 5, 2024

Oil Price Since Saudi Arabia’s announcement that it is scrapping plans to expand its oil production capacity by 1 million barrels per day (bpd), speculation has flourished about the reasons behind the decision. First, analysts speculate that the outlook on long-term oil demand has come into question. Next, investment banks suggest that supply growth from producers outside the OPEC+ agreement

Oil must play major role in global energy transition, Exxon, Aramco CEOs say

September 19, 2023

World Oil (Bloomberg) – The heads of Saudi Aramco and Exxon Mobil Corp. took to the stage at a major industry event Monday to voice support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come. Both chief executive officers touted capturing and storing carbon as

Lower oil prices send Saudi oil giant Aramco’s first quarter profit down 19%

May 9, 2023

CNBC DUBAI, United Arab Emirates — State oil giant Saudi Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices. Analysts expected to see a dip in net profit in its most recent quarter compared with the previous year, as inflation and

Aramco boosts net income to $161 billion in 2022 thanks to strong crude oil prices

March 13, 2023

World Oil (WO) — Saudi Aramco announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold

Oil giant Aramco says windfall taxes ‘not helpful’ and could stifle decarbonization

January 18, 2023

CNBC Pressuring oil companies through higher taxes is counterproductive at a time when global crude demand is set to outstrip supply, the CEO of Saudi Aramco, the world’s largest and most profitable energy company, said during the World Economic Forum in Davos, Switzerland. Asked by CNBC’s Hadley Gamble if a windfall tax on oil profits is a bad idea, Amin

Saudi Arabia makes more unconventional gas discoveries

November 30, 2022

Oil Price Saudi Arabia’s oil giant Aramco has discovered two unconventional natural gas fields in the eastern part of the country, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The Awtad unconventional gas field has been discovered southwest of the giant Ghawar field, and the AlDahna unconventional gas field has been discovered 230 kilometers (143 miles) southwest of Dhahran, the

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