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Saudi Arabia, IOCs sign North Rub’ Al-Khali gas agreements

Posted: 6 March 2004

The Ministry of Petroleum & Mineral Resources announced that on March 7, the Kingdom of Saudi Arabia will sign landmark upstream gas agreements with international oil companies Lukoil, Sinopec, Eni and Repsol, and state-owned Saudi Aramco.

The three agreements are the result of an open bidding process conducted on January 26, 27 and 28, during which international oil companies competitively bid for the opportunity to search for non-associated gas in three contract areas in the North Rub’ Al-Khali Basin.

The bid to explore Contract Area A, consisting of 29,900 km2, was won by the Russian oil company Lukoil. Contract Area B, consisting of 38,800 km2, was granted to Chinese oil and petrochemical company Sinopec, and the 52,000 km2 Contract Area C will be explored by a consortium consisting of Italian oil company Eni and the Spanish company Repsol. As part of each of the three agreements, Saudi Aramco will be a 20-percent partner.

“These agreements will mark the beginning of a long period of mutually beneficial collaboration between the Kingdom and the international petroleum companies,” the Ministry said. “One of the Kingdom’s historic strengths is its tradition of forming strong global partnerships, and these three upstream gas agreements build on that tradition.”

The Ministry noted that signing agreements with such prominent companies from Europe and Asia strengthen’s the Kingdom’s ties to these regions. “The Kingdom of Saudi Arabia is truly blessed to have these international companies as partners in the search for non-associated gas,” the Ministry said in a statement. “Through the mutually-beneficial relationships established here today with Lukoil, Sinopec, Eni and Repsol, the Kingdom of Saudi Arabia is proud to open the door to future prosperity for all.

Posted by Richard Price, Editor Pipeline Magazine

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