Saudi Aramco Relaunches Tenders for $10B Manifa Oil Project



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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