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  • 30-04-10

    Adnoc to go ahead with $10b Shah field

    (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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