LUKoil set to explore for gas in Saudi Arabia

LUKoil said that it had hired a unit of the world's largest oil services firm Schlumberger to explore for gas in its joint venture with Saudi Aramco.
LUKoil said that the venture had signed a contract for 2-D and 3-D seismic surveys on onshore Contract Area A in the northern part of Rub al-Khali desert in Saudi Arabia.

The contractor for the project, WesternGeco, a division of Schlumberger, was selected at a tender. Work will begin in November and be conducted through 2005 to prepare the structure for exploration drilling in 2006.
LUKoil, one of Russia's two top producers, noted said that it would borrow $ 215 mm to fund exploration on the block over the next five years, which includes a seismic survey and nine exploration wells.