Shell, Abu Dhabi Sign MOU for Deep Gas Exploration

ABU DHABI (Dow Jones Newswires), November 3, 2008

Royal Dutch Shell has signed a preliminary agreement with Abu Dhabi National Oil Co. to look into ways of cooperating on deep gas exploration, a top company executive said Monday.

The memorandum of understanding, signed in Abu Dhabi this morning, "is an opportunity to evaluate jointly with Adnoc the scope for cooperation on deep gas exploration," Malcolm Brinded, executive director for exploration and production and a member of the board of Shell, told Zawya Dow Jones.

The agreement covers "deep horizons" offshore Abu Dhabi, Brinded said, speaking at the Adipec 2008 exhibition in Abu Dhabi.

Brinded said he hoped a final agreement between Shell and Adnoc, the producer of almost all of the U.A.E.'s oil, would be signed "relatively quickly."  

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