Saudi Aramco to Open a 1.2m bpd Oil Field

Saudi-based international petroleum company, Aramco, signed two contracts for the development of the 1.2 million barrels per day (bpd) Khureis Increment Program (KIP).

The Khureis crude contract went to Snamprogetti from Italy, and the Khureis gas contract was signed with a consortium consisting of Hyundai Engineering & Construction and Foster-Wheeler Energy, Ltd.

According to Aramco’s website, the KIP is the largest crude increment undertaken in the company’s history, and is one of the largest industrial projects being executed in the world today. The program is slated for completion by mid-2009.

“The KIP is an essential element of Saudi Aramco’s overall strategy to meet the energy needs of the world,” the company’s vice-resident of project management ‘Ali Al-’Ajmi said.

MediaLine