Wednesday, October 27, 2010

Shell (NYSE:RDS-A), Saudi Aramco Venture's Second Phase to take Five Years

A statement from the joint venture between Royal Dutch Shell Plc (NYSE:RDS-A) and Saudi Aramco said the second phase of the exploration for natural gas will take five years to finish.

The exploration is being conducted in the southern Rub Al Khali desert.

Over the first phase of exploration, seven wells had been drilled in the Rub Al Khali region, with "good" results.

South Rub al-Khali Co., or SRAK, started the second phase of exploration on July 26.

“We will be conducting activities that will help us further evaluate the hydrocarbon resources of the greater Kidan area, their distribution and properties,” said SRAK.

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