Shell, Exxon, BP, Phillips chosen by Saudi Arabia - May 28, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2001

Vol. 6, No. 5

Week of May 28, 2001

Shell, Exxon, BP, Phillips chosen by Saudi Arabia

Petroleum News Alaska Staff

Exxon Mobil Corp. and Royal Dutch/Shell, BP and Phillips Petroelum Co. were among a group of eight oil companies chosen by Saudi Arabia to take part in a $25 billion gas-development program in that country. It is the biggest opening of Saudi Arabia’s oil and gas industry to outsiders since the 1970s.

The Western companies will help Saudi Arabia convert its utilities from oil-burning to natural gas, which will free up more of the country’s oil for export.

The other companies selected were Total Fina Elf SA, Conoco Inc., Occidental Petroleum Corp. and Enron Corp.

Exxon Mobi, Shell, BP and Phillips were picked to participate in the biggest of the projects, a $15 billion development in South Ghawar, according to the official Saudi Press Agency. The lead company was not named.

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