abce certificate
Tuesday, 14 October, 2008, 18:20 GMT | more prices >>

Total drops out of Empty Quarter



By Upstream staff 

French energy giant Total has transferred its take in Saudi Arabia's Empty Quarter exploration project to Shell and Saudi Aramco.

"Shell and Saudi Aramco are to increase their share ownership (in the joint venture company) following approval of the Saudi government for Total to transfer its shares in the venture to them," the venture said in a statement.

Shell held a 40% stake in the venture - called South Rub al-Khali - while Aramco and Total held 30% each. Financial details of the offer were not released.

The venture began exploring in 2004 for gas, condensate and natural gas liquids in nine blocks in two separate parts of the vast desert area of south-east Saudi Arabia, known in Arabic as the Rub al-Khali (Empty Quarter).


Friday, 08 February, 2008, 18:53 GMT  | last updated: Friday, 08 February, 2008, 19:35 GMT

e-mail this article to a colleague


to email:  from:
comments: