Paris, June 3, 2001 – Today, the Kingdom of Saudi Arabia awarded an international consortium composed of TotalFinaElf (30%), Shell (40%) and Conoco (30%) the contract for "Core Venture 3" - a project which provides for the valorization of gas reserves in the Shaybah region.
Within the framework of this major project, TotalFinaElf and its partners will be responsible for:
- exploration activities over a large area covering around 90,000 km2 in Rub’ al Khali,
- a feasibility study regarding the development of the Kidan sour gas field,
- the installation of treatment and transport facilities for gas extracted from the Shaybah field,
- the construction of a petrochemicals plant and a power station and desalination facility, both of which will be located on the Arabian Gulf coast.
The overall project will be carried out in close cooperation with Saudi Arabia’s national oil company, Saudi Aramco. The total investment will be around $5 billion.
TotalFinaElf will bring to the consortium its experience in the development of fields in the Khuff reservoir and its technological expertise in the development of sour gas. The Group, which features among the global leaders in the petrochemicals industry, has also undertaken the construction of a power and desalination plant in Abu Dhabi (Taweelah).
"This new agreement constitutes an important step in the industrial strategy of TotalFinaElf in the Middle East, says Thierry Desmarest, Chairman and CEO of TotalFinaElf. In this region, the Group already holds a strong position and historically sound record of activity, notably in the United Arab Emirates, Oman, Qatar, Yemen, Syria and Iran. The signing of the contract for "Core Venture 3" shows TotalFinaElf’s determination to closely follow and respond to new opportunities arising as countries in the Middle East, closed to international companies, open up their energy sector to foreign participation, particularly in the gas sector." |
