2003 News Story

Minister signs natural gas agreement with international oil companies

Minister of Petroleum and Mineral Resources Ali Al-Naimi, who outlined its importance in a speech on the occasion, signed in Riyadh yesterday an agreement for a new enterprise that covers, for a concession period of 25 years, exploration for non-associated natural gas, its assessment, development and production, including liquids and field condensers, in two areas totaling almost 210,000 square kilometers, in the southern part of the Empty Quarter (Rub Al-Khali). Shares in the enterprise are distributed with 40 percent to Royal Dutch Shell, 30 percent to TotalFinaElf, and 30 percent to Saudi Aramco. Project execution will begin in the coming weeks.