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Saudi Aramco, Shell Venture to Drill in Saudi Arabia

Bloomberg

By Fred Pals and Wael Mahdi – Oct 25, 2010 4:33 PM GMT+0100

A joint venture between Saudi Aramco and Royal Dutch Shell Plc plans to drill three wells in Saudi Arabia’s southern Rub Al Khali desert after completing its first exploration period, the company said today.

South Rub al-Khali Co., or SRAK, as the venture is known, also plans to submit an appraisal plan to the government for the Kidan area of Saudi Arabia, it said in a statement. Kidan lies near the Saudi border with the United Arab Emirates.

SRAK said it achieved “good” results from the seven wells it drilled over the past three years in the Rub Al Khali area. The three new wells will be part of the company’s second exploration period, which started on July 26.

SRAK is one of four ventures exploring for natural gas in Saudi Arabia, which holds the fifth-largest gas reserves in the world. Chevron Corp., the second-largest U.S. energy company, said it will soon start looking for gas near the Saudi-Kuwaiti border.

To contact the reporters responsible for this story: Fred Pals at [email protected]; Wael Mahdi in Khobar at [email protected].

To contact the editor responsible for this story: Stephen Voss on [email protected].

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