Aramco reviewing $ 9 bn Manifa project

Nov 23, 2008 01:00 AM

Saudi Arabian oil company Aramco is reviewing its $ 9 bn Manifa oil field project and Saipem, a major contractor, has been told not to take on any more commitments for it, the Italian company said.
The review involving the 900,000-bpd offshore project is another sign Saudi Aramco, by far the world's biggest oil company by output, wants to renegotiate contracts it signed at the height of the commodities price boom.

Saipem said it still had its contract for onshore development.
However, Aramco has directed that no further commitments towards suppliers and contractors be taken on pending an analysis "aimed at cost optimisation", Saipem said.

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