Oxy, Adnoc Ink Shah Pact

摘要

US Occidental and Abu Dhabi National Oil Co. (Adnoc) inked a deal on Thursday for joint development of the $10 billion Shah sour gas field, finalizing the partnership they announced in January, according to the UAE's state news agency, Wam. Through their joint venture, Al-Hosn Gas, Oxy and Adnoc "will bear all the costs" of developing Shah. Oxy holds 40% of Al-Hosn and Adnoc 60%. The companies will fund the project in proportion to their stakes. The field will start up in the second quarter of 2014, Wam said. Al-Hosn officials said earlier this week they expected start-up in the third quarter of that year (IOD Mar.30,p1).