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Lukoil unveils oil and gas discovery in Saudi Arabia

Steel News - Published on Wed, 15 Apr 2009

The President of Russia\'s Lukoil announced that the company has discovered to oil fields in Saudi Arabia.

He said in a press conference that the two fields have C1 + C2 reserves of 70 million tonnes of condensate and 300 billion cubic meters of gas. The company will need another two and a half years to carry out a full appraisal. After that, it will start developing the project.

In 2004, Lukoil and the Saudi Oil Ministry signed a contract for the exploration and development of gas fields and gas concentrate in an area known as Bloc A. The term of the agreement is 40 years.

(Sourced from MENAFN)

Posted By : admin on Wed, 15 Apr 2009
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