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Article: SAUDI ARABIA - The Gas Opening.
- Article from:
- APS Review Gas Market Trends
- Article date:
- September 26, 2005
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When he toured the world in 1998, Abdullah invited international oil companies (IOCs) to visit Saudi Arabia and propose integrated mega-projects based on gas E&P. Three core ventures (CVs) were established, with each headed by a super-major and worth several billion US dollars. But only one survived, a $2 bn involving Shell (40%) and Total (30%) and Saudi Aramco (30%).
Subsequently Naimi's ministry offered gas E&P zones in the RaK basin. While the Shell-led group took a 210,000 sq km south RaK area (SRaK) near the Yemeni border with an undertaking to drill seven wells (see Vol. 61, Gas Market Trends 13), LUKoil of Russia (80%) took the A RaK area of 29,900 sq km, ...