Aramco has awarded a new series of contracts to move forward with the expansion of the Zuluf field, a megaproject located in shallow waters of the Arabian Gulf. This phase involves an investment of close to US$5 billion and aims to increase production capacity by more than 600,000 barrels per day.
Execution of the Zuluf sea field
McDermott and Larsen & Toubro are among the key players selected for this phase of the project, which includes subsea infrastructure packages, platforms and pipelines. The logistical and technical deployment aligns with Aramco’s strategy of developing long-cycle projects that give it a competitive advantage in the face of tight global capacity scenarios.
The decision to launch this investment coincides with the imminent publication of its second quarter 2025 results. Analysts such as Amena Bakr estimate average net revenues of around $23.7 billion, down from $27.3 billion in the same period last year. Firms such as AlJazira Capital project a 14.7% drop, while Citi highlights the 22% decline in the price of oil as the main detractor.
Despite the drop in profits, Aramco maintains its focus on strengthening its production capacity, in line with its goal of reaching 13 million barrels per day by 2027. The company believes that global supply discipline and investments in complex projects will stabilize the market in the medium term.
The financial report to be presented on August 5 will be key to assessing not only the company’s financial health, but also its commitment to capital spending and its performance in the downstream segment. With Zuluf as a spearhead, Aramco reaffirms its role as a central player in the balance of global crude oil supply.
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Source and photo: Oil and Gas
