ConocoPhillips, the third-largest U.S. oil company, will announce later today that it’s pulling out of the $10 billion Shah sour-gas project with Abu Dhabi, according to a person familiar with the situation.
Abu Dhabi National Oil Co. will go ahead with the project, said the person, who asked not to be identified because the decision has not been made public yet.
Houston-based ConocoPhillips, which was selected by Adnoc in 2008 to work on the venture, is dropping downstream projects in favor of exploring for oil and gas. Earlier this month, the company pulled out of the proposed Yanbu refining venture with Saudi Aramco.
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