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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (5879)	1/4/2002 1:44:29 PM
From: Tomas	Read Replies (1) \| Respond to of 206328

Saudis centre stage in foreign invasion - Multinational players are likely to flood into Gulf region in coming year as big projects seek financing Upstream, January 3 By Nassir Shirkhani Pressing economic and security needs have mellowed attitudes in the vital Persian Gulf region after decades of keeping international companies out of the upstream sector, which should provide a wealth of opportunities for supermajors to invest in multi-billion dollar oil and gas projects in 2002. Energy powerhouse Saudi Arabia is bound to become the prime attraction as the conservative kingdom embarks on its ambitious gas initiative to power economic growth at a time when low oil prices are eating deep into government finances. Eight international oil companies, headed by ExxonMobil, and Shell, have signed preparatory deals with the Saudi government for three core gas projects requiring investments of $25 billion. Final agreements are certain to be in place early this year as Saudi Arabia is determined to use the gas initiative to create jobs for the thousands of young graduates leaving universities every year. The need to tackle chronic unemployment is the main reason behind the initiative, which is opening up the Saudi upstream sector to foreign companies for the first time in 25 years. Kuwait is also expected to become a magnate for overseas investment in 2002 as the tiny emirate finally comes to grips with getting its so-called Project Kuwait off the ground after years of squabbling between the government and a hostile parliament. After repeated clashes and exchanges, the government is now banking on imminent parliamentary approval for a draft law that would govern the project. The measure has been attacked by some members of parliament for violating the country's constitution, which bans foreign ownership of natural resources. The government, however, has repeatedly said the plan does not violate the constitution, stressing the need to press ahead with the programme to double production capacity to 900,000 barrels per from fields close to the border with former occupier Iraq. Kuwait sees the presence of the world's leading oil companies as a deterrent to possible future Iraqi attacks against its border. Elsewhere in the Middle East, Egypt is likely to press ahead with one of the three proposed liquefied natural gas plants on the Mediterranean coast as the government hopes to cash in on growing gas finds made in recent years. BG, BP and Spain's Union Fenosa are leading the race for the competing projects. Algeria will continue to attract more investment to its oil and gas sector in 2002 in line with its policy of expanding production with the help of foreign oil companies. Anadarko, the main overseas investor, expects to more than double its current crude production to 300,000 bpd in the second half of the year.