ConocoPhillips in the lead for UAE gas project-paper
NEW YORK, Jan 10 (Reuters) - ConocoPhillips (COP.N) is the front-runner to win a multibillion dollar project to develop sour gas reserves at the Shah Field in the United Arab Emirates, the Wall Street Journal said on Thursday, citing people familiar with the talks.
ConocoPhillips is bidding for the project against Occidental Petroleum (OXY.N), Royal Dutch Shell (RDSa.L), and Exxon Mobil (XOM.N).
ConocoPhillips spokesman Bill Tanner said the company does not comment on market rumors.
Record oil revenues have fueled economic expansion and boosted demand for gas from the power sector and from heavy industry in the United Arab Emirates.
Abu Dhabi's national oil company had been expected to name a partner at the field by the end of 2007.
The UAE holds the world's fifth-largest gas reserves at nearly 214 trillion cubic feet and is the world's sixth-largest oil exporter.
The gas at the field has a content of around 30 percent of potentially deadly hydrogen sulphide, making it tougher to produce than conventional gas reserves. (Reporting by Michael Erman; Editing by Valerie Lee)
