Middle East: Upstream sector retains the status quo ///
Saudi Arabia. The Saudi Gas Initiative, consisting of three core ventures valued at $25 billion, has been delayed. Nevertheless, negotiations with ExxonMobil and Conoco were underway when this report was written, and positive results were expected soon. Major issues that stood unresolved between the eight, pre-selected, international oil companies (IOCs) and the Saudi government included the quantity of available gas, production costs, taxes and likely rate of return.
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