Russia’s Lukoil has signed a contract with Saudi Aramco for the exploration and development of natural gas and gas condensate deposits in the Kingdom’s Rub' Al-Khali Basin. Dubbed Contract Area A, the deal covers a 30,000 square-kilometer region.
The tender for three blocks was organized by the Saudi Ministry of Oil and Mineral Resources (MOMR). According to Lukoil, area 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.
Lukoil will hold an 80 percent interest in the joint venture, which is scheduled to be launched by the end of February, stated a press release. The project will be implemented by Lukoil Overseas, a subsidiary specializing in international upstream projects.
According to Aramco, bidding for Contract Areas B and C will take place on January 27 and 28, respectively. Bid winners will be announced after bid evaluation concludes on January 28. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
