Lukoil gains access to natural gas fields in Saudi Arabia
Posted: 26 January 2004
Based on the results of an open tender, OAO Lukoil has been granted
the right to conclude an agreement with the government of Saudi
Arabia for the exploration and development of natural gas and gas
condensate deposits in Block A in the Kingdom of Saudi Arabia.
The tender was organized by the Ministry of Oil and Mineral Resources
of the Kingdom of Saudi Arabia (MOMR). Three blocks were tendered.
According to the Company’s opinion, Block A, located in the
center of the country, is most promising in terms of possibility
of successful discovery of natural gas and gas condensate deposits.
To implement the project, a joint company with the State oil company
Saudi Aramco’s participation, will be established within a
month; Lukoil will hold an 80 per cent interest in this company.
On behalf of Lukoil, the project will be implemented by Lukoil
Overseas, a subsidiary specializing in international upstream projects.
After the tender results were announced, Ali I. Al-Naimi, Minister
of Oil and Mineral Resources of Saudi Arabia and Andrey Kuzyaev,
President of Lukoil Overseas acting on behalf of Lukoil, signed
the tender award acceptance agreement.
It is expected that a contract (concession agreement) between the
Government of Saudi Arabia and the producing company on the exploration
and development of natural gas and gas condensate deposits of Block
A for a period of 40 years will be signed in March 2004.
For more information see www.lukoil.com
Posted by Richard Price,
Editor Pipeline Magazine
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