This area, dubbed Contract Area C, is the last of three areas that went up for bid. Contract Areas A and B were granted to successful bidders Lukoil and Sinopec, respectively.
Earlier today, Ali I. Al-Naimi, the Minister of Petroleum and Mineral Resources, announced that the ENI and Repsol consortium had won the bid for Contract Area C. To explore this area, the consortium and Saudi Aramco will establish an exploration and producing company, with Saudi Aramco as 20 percent shareholder.
"Saudi Aramco is very pleased to have another opportunity to partner with international oil companies," said Saudi Aramco President & CEO Abdullah S. Jum'ah.
"We look forward to putting forth our best efforts to leverage the Kingdom's natural resources. We recognize the importance of natural gas to the future of the country, and it's gratifying to see ourselves participate in this endeavor," he added.
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