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FINANCIAL NEWS
Saudi Aramco grants contract to Baker Hughes
26 Feb 2010
(MENAFN) Saudi Aramco announced that is has awarded Baker Hughes a two-year contract for projects designed to re-enter existing wells in the gas fields of southern Saudi Arabia, TradeArabia reported.
Under the deal of the two fit-for-purpose underbalanced coiled tubing drilling packages, Baker Hughes will provide project management oversight and downhole drilling and completion services, including CoilTrak, a steerable drilling system deployed on coiled tubing.
The pact has an option for a one-year extension and operations are slated to start in the second quarter this year. The financial value of the deal hasn’t been disclosed.
Saudi Aramco plans to re-enter existing wells and drill horizontally into untapped reservoir sections. The oil giant said that the horizontal wells will be drilled underbalanced to minimize damage to the reservoir, which is critical to overall reserve recovery.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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