Oil & Gas Italy’s Saipem awarded Aramco contracts worth $500m By Pramod Kumar July 16, 2024, 6:21 AM Aramco Saipem signed a 12-year framework agreement in 2020 with Aramco to cover onshore engineering and construction activities Saipem, an Italian oil services company, has been awarded contracts for two offshore projects worth $500 million from Saudi Aramco as part of its existing long-term agreement with the Saudi oil giant. The first project’s work scope involves engineering, procurement, construction and installation of a crude trunkline for the Abu Safa field. The second project involves the production maintenance programmes of the Berri and Manifa fields. NewsletterGet the Best of AGBI delivered straight to your inbox every week In November 2020, Saipem signed a 12-year framework agreement with Aramco to cover onshore engineering and construction activities. The programme aims to optimise consumption and reducing emissions of CO2 and hydrogen sulfide, among other initiatives. Aramco returns to debt markets after shares sale Italy’s Saipem expects Aramco orders to drop 20% Oil service company shares dive on Aramco decision This month, Saudi Arabia announced seven new oil and gas deposits in the Eastern Province and Empty Quarter. In January, the energy ministry directed Aramco to maintain its maximum sustainable crude capacity at 12 million barrels per day (bpd) and not raise it to 13 million bpd.