SLB Wins 5-Year Contract For Saudi Aramco's Unconventional Gas Push

SLB Limited (NYSE:SLB) on Tuesday disclosed it had won a five-year contract from Saudi Arabia’s oil giant Aramco.

With this, SLB will be part of a larger, multi-billion-dollar program and will support one of the world's largest unconventional gas developments.

Deal Details

Under the agreement, SLB will deliver stimulation services for its unconventional gas fields.

Also Read: Benzinga’s ‘Stock Whisper’ Index: 5 Stocks Investors Secretly Monitor But Don’t Talk About Yet

The agreement includes advanced stimulation, well intervention, frac automation, and digital solutions, key to unlocking Saudi Arabia's unconventional gas resources and supporting the Kingdom's energy diversification and global energy transition goals.

“This agreement is an important step forward in Aramco’s efforts to diversify its energy portfolio in line with Vision 2030 and energy transition goals,” added Steve Gassen, executive vice president, Geographies, SLB.

Collaboration With Shell

This month, SLB entered a strategic collaboration with another oil & gas giant, Shell PLC (NYSE:SHEL), to develop digital and AI solutions aimed at boosting performance and efficiency across upstream operations for both companies and the broader industry.

The partnership aims to create agentic AI solutions that enhance the capabilities of technical experts and decision-makers, building an open secure digital infrastructure that integrates data and workflows across subsurface, well construction, and production using SLB’s Lumi data and AI platform.

SLB Price Action: SLB shares were down 0.94% at $37.97 at the time of publication on Tuesday, according to Benzinga Pro data.

Read Next:

• American Express, Parker-Hannifin, Rocket Companies And An Energy Stock On CNBC’s ‘Final Trades’

Photo by Myles Barfield via Shutterstock