The Kingdom of Saudi Arabia has selected ExxonMobil as the leader in a significant project, Core Venture 2 in the Saudi Arabian Natural Gas Initiative. ExxonMobil has also been selected to participate in the implementation of another major project, Core Venture 1. The two projects could result in a total estimated industry investment of over USD 20 billion. As a result of the announcement, ExxonMobil will become the leading participant in Core Venture 2 and a significant participant in Core Venture 1. ExxonMobil will work with the Saudi Government and other participants to define and evaluate each Core Venture element, and develop project execution plans. Core Venture 1 will expand the Kingdom of Saudi Arabia’s power, water desalination, petrochemical and gas system and provide for exploration and development of the Kingdom’s gas resources in the Northern Rub’ Al-Khali region. The project includes field production and gathering facilities, gas processing and fractionation plants to recover and separate liquids from existing and new gas production, gas and liquids transmission and downstream investment in power, petrochemicals and water desalination. The project includes up to 4000mw new power generation capacity integrated with water desalination, and two new petrochemical facilities. Core Venture 2 includes development of discovered gas resources in NW Saudi Arabia, power and desalination facilities in that region and exploration in the Northern Red Sea with the opportunity for additional investment in chemicals, power and desalination facilities depending on exploration success.
