Shell lands major Emirati gas deal

May 1, 2013 at 6:26 AM

ABU DHABI, United Arab Emirates, May 1 (UPI) -- Abu Dhabi National Oil Co. has extended Royal Dutch Shell an invitation to take part in the development of the Bab sour natural gas field, the oil company said.

"Shell is honored to have been selected by ADNOC to develop the Bab sour gas reservoirs," Shell Chief Executive Officer Peter Voser said in a statement. "We value our long and successful partnership with ADNOC and look forward to continuing to play a role in helping the United Arab Emirates meet its energy needs."

Shell will have a 40 percent stake in a joint venture that has a 30-year term. Natural gas from the Bab field will service the Emirati economy.

Shell's announcement coincided with a visit to the United Arab Emirates by British Prime Minister David Cameron. French President Francois Hollande courted Emirati investors during his visit in January.

Cameron was quoted by the BBC as saying Shell's deal is "the largest secured by a British company in the UAE in recent years."

The Bab project is said to be valued at around $10 billion.

Related UPI Stories
Latest Headlines
Trending Stories
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing
Murdoch sorry for implying Obama's not a 'real black president'
Reid sues exercise companies over eye injury
Lumber Liquidators to pay $10M in DOJ settlement