ABU DHABI — Saudi Arabia is advancing a plan to develop energy
resources in the Red Sea.
The state-owned Saudi Aramco has been administering a tender for a
seismic survey of Saudi territorial waters in the Red Sea.
Industry sources said European companies have submitted bids to survey 14,000 square
kilometers in a project worth up to $200 million.
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Some of the bidders were identified as Norway's Petroleum Geo-Services,
the Netherlands's Fugro and Britain's WesternGeco. Aramco has been preparing
to begin drilling for energy reserves in the Red Sea in 2012.
The sources said Aramco has deemed the Red Sea the next major source for
crude oil and natural gas for the Saudi kingdom.
Saudi Arabia has reached a capacity to produce 12.5 million barrels of oil per day.