Saudi gas deal signed

Royal Dutch/Shell and Total have signed a deal to find and pump gas in Saudi Arabia, becoming the first Western oil companies in decades to win rights to the Gulf state’s huge energy reserves. The deal could see up to USD 2 billion invested to develop a 210,000 square km block in the southern part Saudi Arabia’s vast Empty Quarter desert. The scheme is a pared down version of the USD 5 billion Shaybah venture that Shell and Total had negotiated for five years. Shell has 40% of the project, with Total and state-owned Saudi Aramco holding 30% each.

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