Jan 20 2011 |
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ADNOC selects Occidental Petroleum as partner in development of Shah Gas Field
Abu Dhabi, Jan 20th, 2011 (WAM) -- Abu Dhabi National Oil Company ( ADNOC ) and Occidental Petroleum Corporation (NYSE: OXY ) today reached an agreement in principle for Occidental to join the development of the Shah Gas Field in the Emirate of Abu Dhabi, United Arab Emirates.
According to a press release today, Occidental will take a 40 per cent participating interest while ADNOC will retain its 60 per cent participating interest in the Project and in the operating company Abu Dhabi Gas Development Company Limited, established on February 1st 2010 by law No. 3 of 2010, to develop the Shah Gas Field.This large-scale development involves the development of high sulfur content gas reservoirs within the Shah Field, located on-shore approximately 180 km south-west of the city of Abu Dhabi. The project will involve several gas gathering systems, construction of processing trains to process one billion cubic feet per day of gas at Shah to produce around 500 million cubic feet per day of network gas and other related hydrocarbon liquids, in addition to new gas and liquid pipelines.The majority of Project Engineering Procurement and Construction contracts have already been awarded during the course of the last year. Great attention was given during the Front End Engineering and Design stages to select state of the art Health Safety and Environment systems as a result of extensive risk assessment and recovery studies.The agreement between ADNOC and Occidental is subject to final documentation.
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