Shell, Total strike Saudi gas deal
Posted: 17 July 2003
The Royal Dutch/Shell Group of Companies and Total signed an agreement
with the Government of the Kingdom of Saudi Arabia, to form a Joint
Venture with Saudi Aramco for the exploration of gas in an area
of 200,000 km² in the southern part of the Rub Al-Khali (the
Empty Quarter).
Shell, as leader of the Consortium, will retain a participation
of 40 per cent of the new Joint Venture, with Saudi Aramco and Total
each 30 per cent participation.
Jeroen van der Veer, President of Royal Dutch and Vice Chairman
of the Royal Dutch/Shell Group of Companies, representing the Consortium,
met today with His Excellency Ali bin Ibrahim Al-Naimi, Minister
of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia,
to finalise the agreement.
Mr van der Veer was accompanied by Mr. Alain Lechevalier, Vice
President Middle East, Exploration & Production of Total.
Mr van der Veer commented: “This agreement is an important
breakthrough as it heralds the first time after the creation of
Saudi Aramco that foreign International Oil Companies have gained
access to gas acreage in the Kingdom of Saudi Arabia, holder of
the world’s largest reserves of oil and gas. Shell, on behalf
of the Consortium, is naturally proud to be part of this historic
moment.”
For more information see www.shell.com.
Posted by Richard Price,
Editor Pipeline Magazine
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