Middle-east Arab News Opinion | Asharq Al-awsat

Total Drops Out of Saudi Gas Project - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, (Reuters) – French energy giant Total has dropped out of a project to explore for gas in Saudi Arabia’s vast Empty Quarter, transferring its stake to project partners Royal Dutch Shell and Saudi Aramco, their joint venture company said on Friday.

“Shell and Saudi Aramco are to increase their share ownership (in the joint venture company) following approval of the Saudi government for Total to transfer its shares in the venture to them,” the venture said in a statement.

Shell held a 40 percent stake in the venture — called South Rub al-Khali Co — while Aramco and Total held 30 percent each, it added, without giving financial or other details of the transfer.

“The joint venture is determined to complete the remainder of its exploration program,” Patrick Allman-Ward, chief executive officer of the venture, said in the statement.

The venture began exploring in 2004 for gas, condensate and natural gas liquids in nine blocks in two separate parts of the vast desert area of southeast Saudi Arabia, known in Arabic as the Rub al-Khali (Empty Quarter).

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube