Aramco cancels bidding on $10 billion+ in EPCI deals

Saudi Arabia

RIYADH, February 16, 2024 – Saudi Aramco has cancelled tenders for more than USD 10 billion in EPCI contracts related to the expansion of its giant Safaniyah oilfield, Upstream Online reported on Thursday.

Safaniyah, the world’s largest offshore oilfield, currently produces around 1.3 million bopd. A capacity expansion of around 700,000 bopd had been anticipated.

In January, Aramco received orders from the government to set its maximum sustainable capacity to 12 million bopd, halting its expansion plans. A national target of reaching 13 million bopd had previously been set.

The country’s energy minister later cited the global energy transition as the key reason for the decision to cap production.

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