ConocoPhillips, Abu Dhabi National Oil Co. to Develop Shah Gas Field
ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) have signed an Interim Agreement to develop the Shah Gas Field in Abu Dhabi.
Under the Interim Agreement ConocoPhillips and ADNOC will jointly share the ongoing cost of front-end engineering and design (FEED) and project mobilization for the Shah Gas Field development. Final project agreements are expected to be completed by year-end.
"ConocoPhillips is pleased to establish a major presence in Abu Dhabi and is honored to participate with ADNOC in this world-class gas development," said Jim Mulva, chairman and CEO of ConocoPhillips. "Our extensive experience in the development of high-sulfur gas fields and ability to employ state-of-the-art technology complements our strategy to invest in projects that expand our global presence and help meet the growing demand for energy around the world."
This large-scale project involves the development of natural gas condensate reservoirs within the Shah Gas Field, located onshore approximately 180 kilometers southwest of the city of Abu Dhabi. The project will involve the construction of a new one billion cubic feet/day natural gas processing plant at Shah, new natural gas and liquid pipelines and sulfur-exporting facilities at Ruwais, UAE. ADNOC will have a 60% interest and ConocoPhillips will have a 40% interest in the project.
Operates 12 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)
Company: Abu Dhabi National Oil Company more info
- UAE's ADNOC Proposes Change To Oil Price Mechanism (Dec 11)
- Nikkei: ADNOC To Decide On Japan Oil Concession Renewal By Early Next Year (Jul 28)
- UAE Pledges Further Oil Output Cuts Starting in September (Jul 25)