Within the oil and gas sector, Aramco and GE have signed an MoU to undertake a digital transformation of Aramco’s operations with the goal of generating US$4bn in annual productivity improvements, as well as a broader Oil & Gas Investment Feasibility Study MoU
To enable the transformation, GE will provide a private Predix Industrial IoT cloud, GE’s pioneering APM and industry-specific applications, and staff a Digital Transformation Office (DTO) with local industrial engineers, process experts, and technologists. The DTO is expected to generate 250 high-tech Saudi jobs and stimulate local economic demand for an additional 500 Digital Industrial careers. To support the growth of a broader Predix economy, GE will work within Saudi Vision 2030 to create a STEM educational curriculum for high schools and universities to develop Saudi Digital Industrial talent to meet future demand for software developers and data scientists.
The collaboration is a strong example of Saudi Aramco’s industry leadership and commitment to Saudi Vision 2030 to develop high-tech and knowledge worker careers that add significant value to the local economy.
Saudi Aramco and GE have also partnered to implement a competitive, reliable and sustainable local supply chain. Dubbed the IKTVA Program, or the “In Kingdom Total Value Add,” the program aims to support Saudi Aramco’s 2021 Objectives of reaching 70 percent of its spend from within the Kingdom. GE previously won the ‘Best in Supplier Development’ honor at the IKTVA Excellence Awards program that marked the first anniversary of the launch of IKTVA in December. Among GE’s key initiatives that supported the goals of IKTVA in strengthening the Saudi supply chain are the opening of the second phase of GEMTEC in Dammam and the GE Oil and Gas Wellhead Manufacturing Center in Dammam.
A memorandum of understanding will also examine the feasibility of new business development across the energy value chain, including enablers covering upstream, midstream and downstream oil and gas businesses, including development of Oilfield Services and Equipment (OFSE) manufacturing hubs.
