Project company

PROJECTS: Horizon Project Company innovates for new Aramco drilling and reconditioning complex at SPARK

Saudi Arabia’s King Salman Energy Park (SPARK) energy and industrial zone on Wednesday announced the groundbreaking ceremony for a 277,000 square meter drilling and reconditioning site by Aramco and Horizon Project Company.

Aramco and Horizon Project Company have signed a 22-year Build, Own, Operate and Transfer (BOOT) contract for the project, SPARK said in a press release.

Horizon Project Company is an ad hoc structure jointly owned by a consortium of Al Fouzan Al Sabiq Holding Company and Almutlaq Real Estate Investment Company.

Construction of the facility is expected to be completed by the second quarter of 2023, the statement said, adding that it will provide infrastructure and equipment for a workforce of 1,200 drilling and reconditioning workers.

The project will centralize the facilities of Aramco’s Drilling and Workover Services department in one location, strengthen the oil and gas giant’s collaboration with oil service providers, and support the development and localization of key industries such as manufacturing of platforms and equipment, as well as casting and forging. , notes the press release.

Nasir Al-Naimi, senior vice president of upstream at Aramco, said, “This is another important company from Aramco that will help with business continuity. We expect the new drilling and workover facilities to attract other oil service companies, which have an indispensable role to play in the collaborative framework of an integrated energy ecosystem.

Aramco Vice President Drilling and Reconditioning Abdulhameed Al-Rushaid said, “The development strategically advances our role as a key tenant at SPARK. As an integrated ecosystem for the energy sector, SPARK is designed to capture the full economic value of the demand for energy-related goods and services.

SPARK President and CEO Saif S. Al Qahtani said, “We are delighted to announce Aramco’s new drilling and reconditioning headquarters and industrial center in SPARK. Its creation will improve the oil and gas supply chain by using SPARK’s advanced offerings, such as its logistics platform and dry port, to establish a thriving ecosystem. “

The 50 km² SPARK is located in the eastern province of Saudi Arabia.

(Written by SA Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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© ZAWYA 2021


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