Saudi Arabian Oil Co. is developing a natural-gas field called Midyan in the northwestern part of the kingdom, the Eqtisadiah newspaper reported, citing Chief Executive Officer Khalid al-Falih.
The gas will be used for power generation, al-Falih told the Riyadh-based daily.
Saudi Aramco, as the company is known, has released the engineering, procurement and construction tenders for the Midyan gas processing project that will cost about $800 million, MEED said on its website yesterday.
The field is forecast to produce 75 million cubic feet a day of gas and 4,500 barrels a day of condensate for a 20-year period, according to MEED, the Middle East business news service. Gas from Midyan will be transported by pipeline to a power plant in the coastal town of Duba, 135 kilometers (84 miles) southwest of the field, MEED said.
The bid deadline for the tender submissions is mid-October with completion scheduled for 2015, MEED said.