Saudi Arabia has made a last-ditch bid to rescue its landmark gas investment opening, at breakpoint after a year-long battle between the kingdom and the world’s leading oil majors over commercial terms. Riyadh has made some concessions on contract details, but Western executives said it was too soon to say whether the new stance will lead to a breakthrough in talks on the verge of collapse over the amount of gas on offer and rates of return. Saudi Foreign Minister Prince Saud al-Faisal “sent the companies a letter last week, which definitely offered some concessions,” said a Western oil executive. “They are worth considering, but we need some time to run all the scenarios before we respond by early October, as per his request.” Eight oil firms, led by ExxonMobil and Royal Dutch/Shell, had been uncertain about their fate in the USD 25 billion gas project after Riyadh called time on the talks and ordered them to submit final proposals by late July. Some executives said Riyadh has made concessions on both the upstream and downstream elements of the projects to develop gas and build petrochemical, power and desalination plants. Sources say the Saudis addressed a prime objection, that Riyadh is short-changing the firms of gas, by offering access to other acreage outside the Saudi Arabian Reserved Area if adequate volumes are not found in the area now allotted them. Companies most vocal about the lack of natural gas are those in the prize package, the USD 15 billion South Ghawar development, led by Exxon and including Shell, BP and Phillips. But it is as yet unclear how each of the companies will rate Riyadh’s latest proposals. The next few weeks will see the eight firms debating the merits among themselves.