ConocoPhillips Pulls Out of $12B Shah Gas JV

ConocoPhillipshas decided to end its participation in developing the Shah Gas Field with Abu Dhabi National Oil Company (ADNOC). ConocoPhillips had considered holding a 40 percent ownership stake in the project.

"The Shah Gas Field will be a world-class project that will develop a key resource for Abu Dhabi and the region and it was a difficult decision not to participate in a project of this importance," said Ryan Lance, senior vice president, E&P International, ConocoPhillips. "We value our relationship with ADNOC and will continue to look for opportunities to work together in the future."

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009.

The planned $12 billion Shah development is expected to significantly boost gas output in the Middle East's second-largest economy to meet soaring demand.
 

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