The oil and gas sector has taken a particular significance within the economic agenda of Saudi Arabia’s Crown Prince's tour of the US in recent days.
The sector has taken an advanced position in the Saudi-US partnership through 13 MoUs signed worth more than $54 billion in total since cooperation between the two governments was launched in recent years.
Among the most important deals included in the bilateral agreements in the oil and gas sectors between the US and Saudi Arabia, the signing of an MoU seeking to increase jobs in Saudi Arabia and increase the contribution of local inputs in the oil and gas industry.
As part of his current visit to the US, the MoU is important for a number of US companies including the energy sector:
- Eight memorandums signed by Saudi Aramco with a number of American companies as part of a program to increase the local content in the company's operations and to settle the supply chain in Saudi Arabia over the next five years with a value of about $24 billion, of which it is expected to produce about 30,000 jobs.
- The most prominent companies included in the oil and gas agreements are Schlumberger, GE, Halliburton, Honeywell, MC, Dermoit, Weatheford and NABORS.
- Saudi Aramco has signed 4 MoUs in the field of the manufacturing of petroleum platforms and the design of marine platforms and logistics services, notably a memorandum with Rowan Companies.
- Signing MoUs between Saudi Aramco, Emerson and Jacobs to enhance Aramco's capabilities in project management, and to benefit from the applications of the industrial revolution and raise the efficiency of its work and production.