The value of oil contracts awarded by Saudi Arabia jumped by nearly 37 percent in the first half of 2022 as the Gulf Kingdom is pursing expansion plans in its massive hydrocarbon sector, according to a local report.

Oil and gas deal awarded by the world’s largest oil exporter stood at 24.7 billion Saudi riyals ($6.58 billion) in the first half of 2022 compared with 17.8 billion riyals ($4.77 billion) in the first half of 2021, showed the report by the Saudi-American Business Council.

The report, published by the Saudi Arabic language daily Al-Watan on Thursday, showed the value of oil and gas contracts awarded by the government in the first half of 2022 accounted for nearly a quarter of the total value of awarded projects of nearly 94.5 billion riyals (52.2 billion).

The Northwestern Tabuk region, where the massive NEOM smart city is being developed, was the largest recipient of awarded projects in the first half of 2022, with a value of nearly 21.2 billion riyals ($5.65 billion), the report showed.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)