ADNOC Preparing to Award the First Contracts for the Shah Sour Gas Project, Despite the Withdrawal of ConocoPhillips

摘要

In an even more laconic statement than the one it issued on 21 April announcing its decision to pull out of the Yanbu refinery project in Saudi Arabia (see page 3), ConocoPhillips announced a week later that it was also withdrawing from the planned development of the sour gas reserves of the Shah oil field in Abu Dhabi, saying simply that it had decided to terminate its involvement in Abu Dhabi Gas Development Company, the joint venture it had set up with Abu Dhabi National Oil Company (ADNOC) for the purpose. The U.S. company's Senior Vice-President, International Exploration/Production, Mr. Ryan Lance, nevertheless pointed out that "the Shah gas field will be a world-class project that will develop a key resource for Abu Dhabi and the region, and it was a difficult decision not to participate in a project of this importance. We value our relationship with ADNOC and will continue to look for opportunities to work together in the future." ConocoPhillips was to have had a 40% equity stake in the venture.