ADD TIME： 2024-01-12
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According to reports, Saudi Aramco is expected to soon finalize the project contractor to complete the construction of part of the onshore infrastructure for the Safaniya oil field expansion project in the northeastern waters of Saudi Arabia. The Safaniya oil field is the world's largest offshore oil field, with a current daily crude oil production of approximately 1.3 million barrels.
Saudi Aramco is expected to complete the selection of preferred bidders for two large onshore engineering general contracting (EPC) contracts in the Safaniyah oil field, with a total contract value of up to $5 billion, according to people familiar with the matter. South Korea's Hyundai Engineering & Construction is the favorite to win the second EPC contract, which covers off-site and utility facilities.
Saudi Aramco plans to increase the kingdom's maximum sustainable production capacity to 13 million barrels per day in 2027 as part of the plan. The company plans a major expansion in Safania.
Saudi Aramco said in a 2023 report that it expects Safaniya's production capacity to increase by 700,000 barrels per day from 2027, with capacity planned for delivery in 2027 adding approximately 350,000 barrels per day, and the remaining capacity Will be delivered after 2027.
Saudi Aramco believes that global oil demand will continue to grow. The company expects to increase its oil production capacity to 13 million barrels per day by 2027 from the current 12 million barrels per day and continues to bet on growth in global oil demand.
