JEDDAH, 3 July 2003 — The Middle East Economic Survey (MEES) reports that the Saudi Arabian Ministry of Petroleum and Mineral Resources plans to relaunch the stalled $25 billion natural gas initiative, with more than 50 firms expected to attend a road show gathering for the project.
Fifty national and international oil companies have been invited by the Saudi ministry to a July 22 meeting in London to discuss a new opening in onshore natural upstream gas development. Ongoing talks with the Shell consortium will not be affected, the industry newsletter says. Bid packages will be sent to qualified and interested firms later in the year, according to MEES. Although the list of companies receiving invitations has yet to be released, Saudi Oil Minister Ali Al-Naimi said in Oslo last week that Norway’s Statoil and Norsk Hydro were among those invited to bid for the new packages.
MEES also reported an industry source in Riyadh saying last week that Saudi Arabia was locked in what appeared to be a last-ditch effort with international oil companies (IOCs) to salvage a deal for a multibillion-dollar gas project.
However, Riyadh and the Royal Dutch/Shell-led consortium involved in Core Venture 3 (CV3) are now discussing different possibilities for the $5 billion scheme, part of the NGI, the source said.
The consortium to develop the Shaybah field in Rub Al-Khali also includes Total and Conoco.
