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Red Sea Exploration Contract to be Awarded by Saudi Aramco

Middle East : 08 April 2010

Sa’ad Al Akeel who is the chief executive officer of a company called Argas has just stated that they have just put in a bid to win contracts from Saudi Aramco to drill for oil in the deepwater of the Red Sea.

Argas is competing with many other companies who also want to seal this lucrative contract at present it is predicted that the first well in the Red Sea could begin production as early as 2012. At present other interested parties are said to include Schlumberger Limited’s Western Geco Unit and China National Petroleum’s BGP. As oil prices are now looking more positive than they have for quite sometime this area of the Red Sea is going to be seen as a much more lucrative offer than may previously have been the case. Just over half of Argas is owned by Saudi Arabia’s state run Industrialization and Energy Services Company which is more commonly referred to as Taqa.

The Red Sea is estimated to be at least two kilometers deep in places and has a salt depth 7,000 feet thick that can even distort seismic images according to the company’s in-house magazine.

It is currently estimated that up to 5 trillion cubic feet of natural gas reserves could be extracted from this field every year which will be necessary to supply the huge up surge expected in demand for the industrial sector over the next decade.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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