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From: NorVest <eterje...@gmail.com>
Date: Thu, 18 Jun 2009 00:19:04 -0700 (PDT)
Local: Thurs, Jun 18 2009 3:19 am
Subject: Sino Saudi Gas drills final exploratory well
Sino Saudi Gas drills final exploratory well
Saudi Arabia: 33 minutes ago China's Sinopec Group has told Reuters that as part of its joint venture with Saudi Aramco, Sino Saudi Gas is now drilling its seventh and final exploration well in Saudi Arabia to hunt for natural gas. The previous six wells found no flows of commercial value, partly due to low gas prices. Drilling will be finished by October, but the company said costs have far exceeded the original projection of $300m. Sinopec owns 80% of the venture and Aramco 20%. While the kingdom's oil reserves are off-limits to foreigners, they can explore for natural gas, where Saudi Arabia has the fourth largest reserves in the world. You must Sign in before you can post messages.
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