China’s Sinopec has been selected by 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 B, the deal covers a 40,000-square-kilometer region.
To explore Contract Area B, Sinopec and Saudi Aramco will establish an exploration and production company. Saudi Aramco wiln hold a 20 percent stake in the joint venture.
Russia’s Lukoil won the bid for Contract Area A earlier this week. The project will be implemented by Lukoil Overseas, a subsidiary specializing in international upstream projects. Contract Area C, comprising 52,000 square kilometers, is up for bid today. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
