Negotiations continue on $25 billion Saudi gas initiative - March 17, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 2002

Vol. 7, No. 11

Week of March 17, 2002

Negotiations continue on $25 billion Saudi gas initiative

Petroleum News Alaska Staff

Saudi Oil Minister Ali al-Naimi told the Saudi Press Agency March 12 that negotiations continue between Saudi Arabia and eight international oil companies over the $25 billion three-field Saudi gas initiative.

Press reports said a March 2 deadline for signing final agreements for the deal announced last June have been extended.

The gas initiative includes three fields: Exxon Mobil Corp. heads both the South Ghawar and Red Sea field developments. The South Ghawar consortium also includes Royal Dutch/Shell Group, BP PLC and Phillips Petroleum Co. Occidental Petroleum and Marathon Oil Corp. are in the Red Sea group.

Royal Dutch/Shell heads the Shaybah field consortium, with also includes TotalFinaElf SA and Conoco Inc.

The three projects will include gas exploration and production as well as projects to use the gas supplies.

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