Eight majors to put $25 billion in Saudi gas projects

In a major move to reopen its upstream sector to foreign investors, Saudi Arabia has named eight international oil and gas companies to participate in three natural gas exploration and development projects with an initial total cost estimated at $25 billion.ExxonMobil Corp., Royal Dutch/Shell Group, BP PLC, and Phillips Petroleum Co. will participate in the biggest of those projects, designated Core Venture 1, in the Rub' al Khali area in the kingdom's eastern province.ExxonMobil also was named as operator for Core Venture 2, on Saudi Arabia's northwestern coast along the Red Sea. Other participants in that venture are Enron Corp. and Occidental Petroleum Corp.Shell, TotalFina...

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