Aramco's $11 billion project; Saipem's new contracts

The past week has been a rather busy one and buzzing with activity. In case you missed the action, Oil & Gas Middle East is back with its weekly LinkedIn newsletter to give you a roundup of all the major updates and announcements from the oil and gas sector in the Middle East region.

Here are the top five stories of the week:

1. Aramco, TotalEnergies announce $11 billion megaproject in Jubail

In a major push to advance crude-to-chemicals production, aramco ?and French oil major? TotalEnergies ?have taken the final investment decision for the construction of Amiral complex, a world-scale petrochemical facility in Jubail, Saudi Arabia.

The project represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%), the companies announced in a join press release. Its construction is scheduled to begin during the first quarter of 2023 with commercial operation targeted to start in 2027.

2. Saipem awarded $1.2 billion new contracts

Saipem has been awarded new contracts in Guyana and Egypt worth $1.2 billion.

The first contract has been awarded by US oil major Exxon Mobil, subject to government approvals for the Stabroek block offshore Guyana at a water depth of around 2,000 meters.

The second contract has been awarded by Petrobel for the transportation, installation and pre-commissioning of 170 km of umbilicals for the Zohr Field, to be transported and installed between the central control platform and the subsea field.

3. ADNOC’s drilling unit to acquire $200 million rigs

ADNOC Drilling Co., the drilling unit of?state-owned ADNOC Group , announced signed an agreement to acquire two premium offshore jack-up drilling units worth $200 million.

The acquisition follows ADNOC’s recent announcement to accelerate oil production capacity target of 5 MMbbl/d by 2027.

4. Oil rig worker offshore Qatar found dead after violent attack by colleague

A British contractor has been arrested after allegedly beating his roommate of Scottish origin to death on an oil rig offshore?Qatar?on Monday. The dead man’s body on the offshore facility was wrapped in a bed sheet and hidden in a bathroom after he was allegedly hit by his co-worker, reports said.

A third Briton worker who went to investigate was also attacked by the killer, but managed to escape with serious injuries, according to sources.

5. Saudi Arabia to launch 800 industrial projects next year

Saudi Arabia intends to offer at least 800 industrial projects with a combined value of more than $266 billion in 2023, according to an industry official.?

The projects are part of plans by the largest Arab economy to stimulate ‘National Industrial Strategy’ within its Vision 2030 designed to diversify the economy and lessen reliance on volatile oil sales, Industry Ministry Undersecretary Osama Al-Zamil said.?