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Abu Dhabi, ConocoPhillips sign gas field agreement
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DUBAI, United Arab Emirates - Abu Dhabi National Oil Company says it has signed a deal with ConocoPhillips to extract natural gas in the Persian Gulf emirate.
The two companies will split development costs on the project, which was first announced as an interim agreement last year. ADNOC says it will have a 60 percent stake in the project, while Houston-based ConocoPhillips will retain the rest.
The onshore Shah field contains sour gas, which costs more to produce because it contains high levels of the toxic compound hydrogen sulfide.
ADNOC says the facility will produce 540 million cubic feet of gas per day. The project includes construction of a natural gas processing plant, natural gas and liquid pipelines and sulfur-exporting facilities.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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