On Monday, ConocoPhilips expressed that it was keeping an eye on latest oil projects in the UAE in spite of its extraction through a foremost gas undertaking in Abu Dhabi previous year.
The world’s fifth biggest private energy corporation, the Houston-originated US group, expressed that it had dragged out of the Shah sour gas scheme in order with what it explained as planned modifications in the company.
The Abu Dhabi National Oil Company (Adnoc) and ConocoPhillips have clinched a deal for a multi-billion dollar project to build up the Shah gas field in the United Arab Emirates.
The Shah gas project, entails an investment cost of around $10 billion.
The project is part of company’s proposals to increase domestic gas supply.
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