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State-owned Saudi Arabian Oil Co., better known as Aramco, is moving forward with a multi-billion dollar project to boost natural gas production, and possibly fuel its export ambitions.
Aramco has awarded 16 contracts, worth a combined $12.4 billion, and initiated the second phase of its plan to tap more natural gas resources in the Jafurah gas field near Saudi Arabia’s northeast coast. It also secured 23 gas rig contracts worth $2.4 billion and two directional drilling contracts worth $612 million.
In anticipation of expanded gas supply, Aramco awarded another $8.8 billion in contracts to expand its “master gas system” used to transport the fuel across Saudi Arabia.
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