Saudi Aramco to work with Sinopec in Contract Area B
Posted: 27 January 2004
Saudi Aramco announced today that it will be partnering with Chinese
oil and petrochmical company Sinopec to find and develop gas reservoirs
as part of the Kingdom of Saudi Arabia's Upstream Gas Offering.
The exploration activities will take place in a 39,000-square-kilometer
area in the Kingdom's Rub' Al-Khali Basin, dubbed Contract Area
B.
Earlier today, His Excellency Ali I. Al-Naimi, the Minister of
Petroleum and Mineral Resources, announced that Sinopec had won
the bid for the region. To explore Contract Area B, Sinopec and
Saudi Aramco will establish an exploration and producing company,
with Saudi Aramco as 20 percent shareholder.
Bidding for the 30,000-square-kilometer Contract Area A took place
yesterday, and was won by Russian oil company Lukoil.
Contract Area C, comprising 52,000 square kilometers, will be up
for bid tomorrow.
For more information see www.saudiaramco.com.
Posted by Richard Price,
Editor Pipeline Magazine
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