Italy’s oil and gas company ENI and Spain’s Repsol have 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 C, the deal covers a 52,000-square-kilometer region.
The contract is the third deal awarded this week as part of the Kingdom’s Upstream Gas Offering. Contract Areas A and B were granted to successful bidders Lukoil and Sinopec, respectively.
To explore Contract Area C, the European consortium and Saudi Aramco will establish an exploration and production company. Saudi Aramco will hold a 20 percent stake in the joint venture.
The tender for three blocks was organized by the Saudi Ministry of Oil and Mineral Resources (MOMR). The ministry is responsible for the administration, development and exploitation of the Kingdom’s oil, gas and mineral resources. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
