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Aramco: Gas Venture with Russia's Lukoil Announced

Source: www.gulfoilandgas.com 1/26/2004, Location: Middle East

DHAHRAN, January 26, 2004 -- Saudi Aramco announced today that it will be partnering with Russian oil company Lukoil to find and develop gas reservoirs, as part of the Kingdom of Saudi Arabia's Upstream Gas Offering. The exploration activities will take place in a 30,000 square kilometer area in the Kingdom's Rub' Al-Khali Basin.

Earlier today, Ali I. Al-Naimi, the Minister of Petroleum and Mineral Resources, announced that Lukoil had won the bid for the 30,000 square-kilometer region, dubbed Contract Area A, of Saudi Arabia's Upstream Gas Offering. To explore Contract Area A, Lukoil and Saudi Aramco will establish an exploration and producing company, with Saudi Aramco as 20 percent shareholder.

Bidding for Contract Areas B and C will take place on January 27 and 28, respectively. Bid winners will be announced after bid evaluation concludes on Wednesday, January 28.


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