Deals worth $22 billion were signed on Saturday, during the inaugural Saudi-US CEO Forum in Riyadh, as senior executives from the oil and gas sector in the Kingdom of Saudi Arabia (KSA) and the United States (US) came together to build on shared expertise and resources, according to a press release published by the Riyadh Summit 2017 website.
The focus was on mutually beneficial ambitions of job creation, global energy security and greater trade. The Forum, which coincides with US President Donald Trump’s historic first visit to the KSA, delivered results in line with the country’s Vision 2030 and Trump’s commitment to job creation for the American people.
Following his participation in the Forum, Amin Al Nasser, President and CEO of Saudi Aramco, the state-owned oil company of KSA, announced agreements that included the expansion of local content and partnering with suppliers such as Weatherford, Jacobs, Honeywell, McDermott, and Nabors. US supplier, Baker Hughes, also announced its commitment to the programme, and its intention to sign a Memorandum of Agreement, MoU, at a later date.
The initiative will directly create over 10,000 jobs and $19 billion in investment for the people of Saudi Arabia. Under the theme of Saudi-US ‘Partnerships for Generations,’ Saudi Aramco announced the updating of two MOUs and the creation of a new joint venture. Accordingly, it will begin the design and selection process for offshore rigs as part of the $7 billion investment over a ten-year period with Rowan Companies to own and operate offshore drilling rigs and create 2,800 new jobs in the country.
It will also see additional well services and studies into rig movements as an extension of the joint venture with Nabors. The project will see $9 billion of investment over a ten-year period and create 4,000-5,000 new jobs in the country. Lastly, Saudi Aramco and National Oilwell Varco will manufacture high-specification drilling rigs, advanced drilling equipment, and offer related after-market services under the new joint venture.