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FINANCIAL NEWS
Adnoc to go ahead with $10b Shah field
30 Apr 2010
(MENAFN) Abu Dhabi National Oil Company (Adnoc) announced that it will go ahead with a project to develop the Shah gas field despite ConocoPhillips’ withdrawal from the scheme, Reuters reported.
According to Adnoc�s statement, contracts for facilities to pump and process the gas would be awarded in the near future, saying that the Shah project is key to UAE�s plans to boost gas output. It said that this field development is a world-class project that will develop a key resource for the emirate of Abu Dhabi.
Conoco announced earlier that it had ended its participation in the $10 billion Shah project, its second withdrawal in a month from high-profile projects in the Gulf. The US-based firm is restructuring its operations to concentrate on oil and gas exploration and production and reduce its heavy debt burden.
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