Saudi Aramco to partner with IOCs in gas exploration initiative
Posted: 28 January 2004
As the Ministry of Petroleum & Mineral Resources concluded
the last day of bidding in the Kingdom of Saudi Arabia's Upstream
Gas Offering, Saudi Aramco announced that it will partner with today’s
bid winner, a consortium of Italian oil company ENI and Spanish
oil company Repsol, to find and develop gas reservoirs in a 52,000
square-kilometer area of the Kingdom's Rub' al-Khali Basin.
This area, dubbed Contract Area C, is the last of three areas that
went up for bid. Contract Areas A and B were granted to successful
bidders Lukoil and Sinopec, respectively.
Earlier today, His Excellency Ali I. Al-Naimi, the Minister of
Petroleum and Mineral Resources, announced that the ENI and Repsol
consortium had won the bid for Contract Area C. To explore this
area, the consortium and Saudi Aramco will establish an exploration
and producing company, with Saudi Aramco as 20 percent shareholder.
“Saudi Aramco is very pleased to have another opportunity
to partner with international oil companies,” said Saudi Aramco
President & CEO Abdallah S. Jum’ah. “We look forward
to putting forth our best efforts to leverage the Kingdom’s
natural resources. We recognize the importance of natural gas to
the future of the country, and it’s gratifying to see ourselves
participate in this endeavor.”
For more information see www.saudiaramco.com
Posted by Richard Price,
Editor Pipeline Magazine
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