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$10 BILLION DEAL

Adnoc, Shell to launch Bab sour gas partnership

Dubai, April 30, 2013

Abu Dhabi National Oil Company (ADNOC) and Royal Dutch Shell will form a joint venture to develop the Bab sour gas reservoirs, a partnership in Adnoc will own 60 percent and the Anglo-Dutch firm will take 40 percent.

The two companies will now enter a period of commercial and technical work leading to the development of the Bab sour gas reservoirs to meet soaring gas demand in the UAE.

"We have more than 60 years' experience of safe and successful sour gas field development globally and we will apply this experience, along with our leading research and development, and technology expertise, to the development of the Bab resource," Peter Voser, Shell's Chief Executive Officer, said in a statement on Tuesday.

Adnoc recommended earlier this year that the emirate's Supreme Petroleum Council (SPC) choose Shell as partner to tackle Bab's tricky sour gas ahead of rival bidder Total, UAE's state news agency WAM said earlier.

The project has previously been valued at around $10 billion. – Reuters




Tags: Shell | gas field |

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