• Most Popular
  • Most Shared

ConocoPhillips in the lead for UAE gas project-paper

Thu Jan 10, 2008 11:24pm EST

Stocks

   

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.

Stocks

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)

Stocks


More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
File photo of snow covered Uhuru peak of the largest free-standing volcano in the world, Mount Kilimanjaro in Tanzania, taken on March 10, 2006. REUTERS/Neil Wallace
Postcards to Copenhagen:

Wish we weren't here

Mount Kilimanjaro's melting snow cap is one of many things forever altered by climate change. Here's a snapshot of a world dealing with environmental destruction.   Full Article 

Climate conference
People prepare to lower the body of one of the ministers killed in a blast from a suicide bomber last Thursday at Shamo Hotel in Somali's capital Mogadishu December 4, 2009. REUTERS/Feisal Omar
witness:

Scenes of a "slaughterhouse"

War is just about the only story to tell in Somalia. But when one reporter tried to cover an event reflecting positive change, violence reared its ugly head again.  Full Article 

World