The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
"Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government's aspiration were executed in London on Monday," said a statement by the Nigerian National Petroleum Corporation (NNPC) in Abuja.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Both main crude contracts made strong gains, with WTI testing $50 a barrel for the first time since late May and Brent heading towards $53, while mining giants BHP Billiton and Rio Tinto saw their share price rise as commodities strengthened.
OPEC Secretary General says meetings with US shale producers to continue
Tehran welcomes greater engagement of Turkish firms for Iran's upstream and downstream projects: Iranian Deputy Oil Min.
A return to $100 per barrel oil prices for a sustained period in unlikely, Petoro official says
Deal between Iran's Petropars, Total and Chinese CNPC is sign that return of sanctions is unlikely: Iran's deputy oil min.
Plentiful light oil in market proves challenge to heavy oil, senior from state-owned corporation says
But the real fight may go beyond who gets to catch the modest crustaceans around Svalbard, a unique Norwegian archipelago in the Barents Sea.
"The international agreement for the development of phase 11 of South Pars will be signed on Monday in the presence of the oil ministry and managers of Total, the Chinese company CNPC and Iranian company Petropars," a ministry spokesman told AFP.
Bourses in both Paris and Frankfurt dipped after a report from data monitoring company IHS Markit showed Eurozone private sector business activity slowed sharply in June while staying in expansion mode.
The MT Putri Sea, registered in Malabo, Equatorial Guinea, went down on Thursday in a busy shipping lane off the southern state of Johor, near Singapore.
Three small boats entered Saudi territorial waters at about 8:30 pm on Friday and "headed at speed towards platforms of (the) Saudi oil field of Marjan", a government statement said.
While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.
US crude inventories rose 3.3 million barrels, while market expected a 3.5 million barrels of decline
TUPRAS named as Turkey's biggest industrial enterprise with $9.3 billion in sales acquired from production in 2016
Oil producers within and outside the OPEC cartel last week agreed to extend a November accord to cut crude production by nine months in a move spearheaded by Moscow and Riyadh.
Contract between Total and government is transparent and legal, Mohamed Dione says
Analysts estimate that every dollar that oil prices rise between $45 and $55 a barrel results in an additional 1.2 billion barrels that become economic to produce.