Tuesday, Apr 30, 2013
LONDON--Anglo Dutch oil Company Royal Dutch Shell PLC (RDSB.LN) said Tuesday it has been chosen by the Abu Dhabi National Oil Company, or ADNOC, to participate in a 30-year joint venture to develop the major Bab sour gas reservoirs in the Emirate of Abu Dhabi.
MAIN FACTS:
-Shell will hold a 40% equity stake in the JV, with ADNOC holding 60%.
-Companies will now enter a period of commercial and technical work leading to the development of the Bab sour gas reservoirs, which are 150 kilometres south-west of the city of Abu Dhabi.
-It is intended that the JV will be the operator, and that the gas will supply the local market in the United Arab Emirates.
-Shell shares in London at 1150 GMT up 9 pence, or 0.4%, at 2252 pence valuing the company at 57.9 billion pound.
-Write to Ian Walker at ian.walker@dowjones.com
(END) Dow Jones Newswires
30-04-13 1151GMT
