Saudi Aramco Relaunches Tenders for $10B Manifa Oil Project

Manifa Field
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DUBAI (Dow Jones Newswires), November 17, 2008

Saudi Arabian Oil Co., Aramco will again invite companies to bid for contracts to develop the Manifa oilfield after it canceled a contract with Snamprogetti, Saudi-based Al Riyadh daily reports Monday.

Aramco decided to re-launch its major projects after the decline in raw materials prices, including steel, cement by 40%, the paper reports, citing a contractor.

The project is part of the estimated $10 billion Manifa development program, Aramco's largest-ever offshore project and aims to add 900,000 b/d of Arabian Heavy crude production by mid-2011.

Snamprogetti, part Saipem will be invited to bid again for the project along with Bechtel, Technip and Foster Wheeler.  

Copyright (c) 2008 Dow Jones & Company, Inc.

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