Russia Lukoil Eyes Gas Production in Saudi Arabia in 2014

Russia’s No.2 oil producer Lukoil plans to start natural gas production in Saudi Arabia next year, the company’s vice president Leonid Fedun said on Friday.

“We made a discovery of 400 billion cubic metres… This would be large enough and the first gas-producing project in Saudi Arabia,” he said during a conference call.

Lukoil secured a deal to find and pump gas in Saudi Arabia from the project known as Block A last decade.

The project is small by the standards of Saudi Arabia’s immense hydrocarbon reserves, but it creates a potentially useful new link between producer cartel OPEC’s leading member and Russia, the world’s number one oil exporter.

Source: Reuters & Rigzone


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