Content area
Full Text
Abu Dhabi National Oil Co. (Adnoc) says its $10 billion-$12 billion Shah sour gas project remains on track, despite continued ambivalence from the scheme's major foreign shareholder, ConocoPhillips.
"With all the challenges we faced in this project, we are progressing very smoothly," Ismail al-Ramahi, Adnoc's head of gas exploration and production, told the Gas Arabia conference in Abu Dhabi Monday.
He dismissed reports suggesting that the project had lost momentum, but said he could not elaborate as construction packages are "under tendering." Adnoc and Conoco formally established a joint venture last July, but the US company stressed at the time that it had still not taken a final investment decision (FID).
Conoco, which would own 40% of the proposed development, remains on the fence about Shah, with Vice President of Corporate Affairs Clayton Reasor saying during the company's fourth-quarter conference call...