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UAE's ADNOC, Conoco sign Shah gas field deal

Thu Jul 9, 2009 4:54am EDT

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DUBAI, July 9 (Reuters) - The Abu Dhabi National Oil Company (ADNOC) and ConocoPhillips (COP.N) signed a deal on Thursday to pump gas from the Shah field in the United Arab Emirates, ADNOC said in a statement on Thursday.

ADNOC will own 60 percent of the joint venture, while Conoco would own the rest, according to the statement. The project has an estimated cost of around $10 billionm sources have previously told Reuters.

It would process around 1 billion cubic feet per day (cfd) of sour gas from the Shah field to pump around 540 million cfd of gas suitable for consumption.

ADNOC awarded Conoco the contract last February, but negotiations on the final deal have taken over a year to conclude.

(Reporting by Simon Webb; editing by John Irish)



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