US compnay to take 40 per cent stake in major gas development in Abu Dhabi
Abu Dhabi National Oil Company (Adnoc) has signed a deal with the US’ Occidental Petroleum Corporation (Oxy) that will see the company become a partner in the planned $10bn-plus Shah gas project.
Adnoc announced that Oxy will take a 40 per cent stake both in the project and the operating company, Abu Dhabi Gas Development Company.
Shah will produce 1 billion cubic-feet-a-day (cf/d) of sour, or sulphur-rich, gas from the southern Shah field before separating the sulphur from the natural gas and transporting both to processing and distribution facilities at Habshan and Ruwais.
Oxy replaces the US’ ConocoPhillips, who left the scheme in April 2010. The full details of the deal have not been disclosed by either party.
You might also like...
Hassan Allam and Siemens confirm Hafeet Rail award
24 April 2024
UAE builds its downstream and chemical sectors
24 April 2024
Acwa Power eyes selective asset sales
24 April 2024
Bahrain mall to install solar carport
24 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.