Conoco Bidding for Abu Dhabi Gas Project
Conoco Phillips (COP) confirmed it's participating on the bid to develop the Shah natural-gas field in Abu Dhabi in the United Arab Emirates and that the company hopes to be the winner, the company said.
"ConocoPhillips has participated in the Shah tender process along with a number of international oil companies," said the company's spokesman Bill Tanner on Monday.
ConocoPhillips' Chief Executive officer Jim Mulva said last Tuesday that the company "hopes" to be the winner of the process, but that Abu Dhabi National Oil Company has not confirmed yet who is the winner.
It has been expected that Conoco and Adnoc will sign an agreement later this month.
The Shah field is the type of big energy development where Western oil companies are still welcome because of their technical experience. The field's gas is laced with heavy concentrations of sulfur, making it both poisonous and corrosive.
The project is crucial to Abu Dhabi's desire to meet rising regional demand for gas, which has surged as the Emirates build gas-fired power stations and desalination plants. Abu Dhabi National Oil Co., or Adnoc, was expected to name a partner for the project last year, and oil companies have become frustrated by the delays.Copyright (c) 2008 Dow Jones & Company, Inc.
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Company: Abu Dhabi National Oil Company more info
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