RusEnergy

MOSCOW, March 22 (RIA Novosti) - Russian-Saudi Arabian joint venture Luksar will complete drilling of its first well in the Mideast kingdom in October, the company's press service said Wednesday. Lukoil Overseas holds an 80% stake in Luksar, with 20% belonging to Saudi major Aramco. In January 2004, Lukoil won the tender to develop the 29,000-square-mile (11,200-square-mile) Block A natural gas field in the Rub el Hali desert. Lukoil signed a 40-year contract with the Government of Saudi Arabia to explore and develop the natural gas deposit. The Russian energy major says there are large natural gas resources in the north of the desert.