MOSCOW, February 12 (RIA Novosti) - LUKoil [RTS: LKOH], Russia's largest oil company, said Monday its joint venture with Saudi Arabia, LUKoil Saudi Arabia Energy Ltd. (Luksar), had found hydrocarbon accumulations at a gas deposit in the Mideast kingdom.
The hydrocarbon reserves were discovered following the results of deep exploration drilling on the Tukhman structure, Contract area Block A, LUKoil said in a news release.
In January 2004, LUKoil won the tender to develop the 30,000-square-kilometer (18,000-square-mile) Block A natural gas field in the Rub Al-Khali desert. LUKoil signed a 40-year contract with the Government of Saudi Arabia to explore and develop the natural gas deposit.
The Contract area is located in the northern part of Rub Al-Khali, south of Al-Ghawar, which is a major oil field not only in Saudi Arabia but also on a global level, the news release said.
LUKoil Overseas holds an 80% stake in Luksar, with 20% belonging to Saudi major Aramco.
