Foster Wheeler gets Moneefa contract

Saudi Aramco and Foster Wheeler have signed a front-end engineering and design contract for the Moneefa oilfield development, which is expected to add 900,000 barrels per day of crude oil by mid-2011.

Saudi Aramco said in a statement that front-end engineering for the onshore portion of the development programme was expected to begin in early November and be completed in the third quarter of 2007.

The statement gave no value for the deal.

Saudi Arabia, the world’s top oil exporter, has fast-tracked oilfield expansion plans to boost production capacity and maintain spare capacity of at least 1.5 million bpd.

Saudi Arabia plans to increase output capacity to 12.5 million bpd by 2009 from 11.3 million bpd.

TradeArabia