US companies signed deals worth billions of dollars with Saudi Arabia’s oil and gas sector during President Donald Trump’s visit to the Kingdom over the weekend, boosting bilateral business ties while the oil market continues to follow the shale-OPEC rivalry, Oil Price reported.
The $110b worth of US-Saudi defense capability deals made up for much of the value of the bilateral agreements during President Trump’s visit, but Saudi Aramco also signed an estimated $50b worth of deals with US companies, many of which envisage investments in the digitalization of Aramco’s business, offshore and onshore rig development, and oilfield services.
Additionally, Houston-based energy equipment supplier National Oilwell Varco (NOV) recently entered into a memorandum of understanding (MoU) with Saudi Aramco to form a joint venture (JV) in the Saudi kingdom, as informed on Nasdaq.
While NOV will own 70% interest in the JV, Aramco will hold the remaining 30% interest. The JV will manufacture high specification land rigs and drilling equipment, and will offer certain aftermarket services.