{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Major new oil deal signed by Shell in Saudi Arabia' data-url='/boclips/videos/5c54be87d8eafeecae13c547' data-video-url='/boclips/videos/5c54be87d8eafeecae13c547' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nMajor new oil deal signed by Shell in Saudi Arabia\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eSHOTLIST - RiyadhVarious of exterior of King Fahd Culture and Sports CentreVarious of the signingSOUNDBITE Saudi Minister of Petroleum and Mineral Resources, His Highness Ali Ibn Ibrahim AlmaimiCutawaySOUNDBITE Philip Watts, Chairman of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eSHOTLIST - Riyadh\u003cbr/\u003eVarious of exterior of King Fahd Culture and Sports Centre\u003cbr/\u003eVarious of the signing\u003cbr/\u003eSOUNDBITE Saudi Minister of Petroleum and Mineral Resources, His Highness Ali Ibn Ibrahim Almaimi\u003cbr/\u003eCutaway\u003cbr/\u003eSOUNDBITE Philip Watts, Chairman of Royal Dutch Shell Group\u003cbr/\u003eCutaway\u003cbr/\u003eSOUNDBITE Terry Dimariah, Saudi head of TOTAL\u003cbr/\u003eCutaway\u003cbr/\u003eBC-ME-FIN--Saudi-Gas Initiative\u003cbr/\u003eSaudi formally signs off on US$2 billion natural gas exploration deal with\u003cbr/\u003etwo foreign companies\u003cbr/\u003eBy ADNAN MALIK\u003cbr/\u003eAssociated Press Writer\u003cbr/\u003e      RIYADH, Saudi Arabia (AP) - Saudi Arabia on Saturday formally signed a\u003cbr/\u003eUS$2 billion deal with two foreign companies to explore and produce natural\u003cbr/\u003egas in the kingdom's vast gas fields.\u003cbr/\u003e      The deal was the first signed by the Gulf kingdom giving foreign oil\u003cbr/\u003ecompanies access to its massive gas resources - the fourth largest in the\u003cbr/\u003eworld behind Russia, Iran and Qatar.\u003cbr/\u003e      Saudi Oil Minister Ali Naimi signed the deal late Saturday in the capital,\u003cbr/\u003eRiyadh, with executives from the two foreign companies - British-based Royal\u003cbr/\u003eDutch Shell and French company Total SA.\u003cbr/\u003e      Exploration will be undertaken in a vast expanse of the southeastern Saudi\u003cbr/\u003edesert known as \"The Empty Quarter,\" which stretches over 200,000 sq.\u003cbr/\u003ekilometers (80,000 sq. miles).\u003cbr/\u003e      Naimi said after the signing that the agreement \"not only forms an\u003cbr/\u003eimportant strategic alliance between the kingdom and major petroleum\u003cbr/\u003ecompanies ... but also serves as an indicator of confidence in the strength\u003cbr/\u003eand solidity of the Saudi economy.\"\u003cbr/\u003e      Phil Watts, chief executive of Shell, said he was delighted with the\u003cbr/\u003edeal's formal signing and wanted to get the project started \"without\u003cbr/\u003edelay.\" It was not immediately clear when the exploration works would\u003cbr/\u003ecommence.\u003cbr/\u003e      The deal, which had been earlier approved by the Saudi Cabinet and the\u003cbr/\u003ekingdom's consultative Shura Council, involves the creation of a new company,\u003cbr/\u003ewhich will have a 25-year concession for gas exploration in the designated\u003cbr/\u003eregion.\u003cbr/\u003e      Shell will control a 40 percent stake in the company, while Total and\u003cbr/\u003estate-run Saudi Aramco will each control 30 percent.\u003cbr/\u003e      The deal is a far cry from the kingdom's original ambitious US$20 billion\u003cbr/\u003eplan to open up its natural gas sector to foreign companies.\u003cbr/\u003e      The deal that was sealed Saturday was first awarded in July and followed\u003cbr/\u003ethe collapse of the grander Saudi initiative, which had included power, water\u003cbr/\u003eand petrochemical projects in addition to gas exploration and production.\u003cbr/\u003e      Negotiations had earlier nearly broken down due to differences between\u003cbr/\u003eseven companies eyeing gas investment and the Oil Ministry.\u003cbr/\u003e      The project signed Saturday was first presented at a July conference in\u003cbr/\u003eLondon wher Saudi oil officials showcased upstream opportunities. Oil\u003cbr/\u003ecompanies from the United States, Europe, Japan, India, Russia and China\u003cbr/\u003eattended the gathering.\u003cbr/\u003e      Naimi said international gas consumption is expected to increase during\u003cbr/\u003ethe coming five years \"due to an expansion of economic activities which\u003cbr/\u003edepend on reliable gas supplies, particularly in the petrochemical, power\u003cbr/\u003egeneration and water desalination sectors.\"\u003cbr/\u003e      He said the project with Shell and Total will also provide further\u003cbr/\u003etraining and career opportunities for Saudi citizens.\u003cbr/\u003e      The kingdom will hold an international tender early next year for three\u003cbr/\u003enew gas exploration and production projects.\u003cbr/\u003e      (am-pg)\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' 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