Thursday, May 01, 2008

Gas: UAE to sign major gas deal wuth US oil giant

According to sources at the Abu Dhabi National Oil Company (Adnoc) the UAE will sign a contract to develop its sour gas reserves during the first half of the current month, Reuters reported.

In February, Adnoc officials said that US oil giant ConocoPhillips had won the project to develop sour gas at the Shah field, which has a price tag of over $10 billion. Conoco and Adnoc have yet to make an official announcement on the contract.

The project was the largest upstream project in the past year open to international companies competing for limited access to the Middle East's oil and gas fields.

Source: MENAFN

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