This week, American oil and gas businesses stepped into the role of ambassadors representing their nation’s best interests abroad with deals in both Mexico and Saudi Arabia. Agreements struck with both international governments also demonstrate American dedication to bolstering economies outside of the United States, while providing jobs for hard-working oil and gas experts around the world.
At the Saudi-U.S. CEO Forum held in New York earlier this week, numerous cooperation agreements and prospective commercial collaborations were addressed. Ultimately, Saudi Aramco, the state-run petroleum and natural gas company in Saudi Arabia, awarded $10 billion in deals to over a dozen U.S. companies.
“The growth of Saudi Aramco’s operations and the strategic roll out of Saudi Vision 2030 will provide multiple opportunities for strengthening our collaboration and partnerships, not only in the oil and gas, refining and chemicals sector but also includes digital technologies and cooperation in the field of environmental conservation, climate change and the development of innovation through the establishment of relations with a group of leading American institutions in the academic, research and cultural, which are among the best in the world,” commented Saudi Aramco President and CEO Amin H. Nasser at the Forum on Wednesday. “We are also looking at cooperation in infrastructure, manufacturing and services industries; all of which the United States is distinguished for, and critical to managing and operating as well as growing an enterprise of Saudi Aramco’s scale.”
Collaborative efforts were not limited to the Middle East this week. On Monday, sources reported that Mexico’s state-owned oil company, Petroleos Mexicanos (Pemex), had signed one of the biggest gas fracking contracts in the organization’s history with a subsidiary of Lewis Energy, based in Texas.
The deal would allow the Texas business to drill and exploit non-conventional gas deposits in the Mexican portion of the Eagle Ford shale. While fracking was not specifically mentioned in the deal, the method for gas extrication is the most common in the Eagle Ford area. The contract requires $617 million in investment and could potentially yield 117 million cubic feet per day in gas production by 2021.
As business continues to ramp up in the oil and gas sector, companies located in the United States are tirelessly striving to build long-lasting relationships with international organizations. These efforts can only further stronger, better relations abroad for businesses as well as the American government.