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Aramco Awards $18 Billion in Deals for Work at Oil Fields

  • Projects to add 550,000 b/d capacity at Marjan, Berri deposits
  • Field increments will help Aramco maintain capacity at 12m b/d
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Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts to boost output capacity at two offshore oil fields even as the kingdom and its OPEC partners restrict production.

Saudi Arabia’s state oil company will add a combined 550,000 barrels a day of crude-production capacity at its Marjan and Berri fields, it said Tuesday in a statement. 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.