1 March 2003
Iraq affecting upstream openings
LONG-ANTICIPATED upstream openings in Saudi Arabia and Kuwait remain in limbo. Political and commercial wrangling continue to obstruct progress in Saudi Arabia's gas initiative and the opening-up of Kuwait's northern oilfields. Negotiations over the $25bn Saudi gas opening have been stalled since September and the Saudi authorities confirmed in late January that core venture two, led by ExxonMobil, has been suspended. But the prospect of an ending of sanctions against Iraq this year is whetting international oil companies' (IOCs) appetites for prized Middle East assets. Some majors may even be gearing up to integrate Iraqi development schemes with Kuwait's northern fields, close to the borde
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