ConocoPhilips abandons Abu Dhabi project

29 Apr 2010

(MENAFN) American oil giant ConocoPhillips announced that it has decided to back out of plans to develop a $10 billion gas field project in the United Arab Emirates, Khaleej Times reported.

The Houston-based company was planned to have a 40 percent stake in the development project for the Shah gas field about 110 miles (180 kilometers) southwest of the city of Abu Dhabi. The site aims to process one billion cubic feet of gas per day.

ConocoPhillips, which announced plans in October to sell $10 billion in assets to cut debt, said April 21 that it would drop out of the Yanbu refinery development with Saudi Arabia?s state oil company.

Oil-exporting nations such as the UAE are seeking to boost production of natural gas to fuel domestic power generation and factories. It imports gas from Qatar and is developing nuclear power plants.

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