Abu Dhabi Seeks Potential Partners for $10 Billion Shah Gas Development - Bloomberg

Abu Dhabi, the largest sheikhdom in the United Arab Emirates and holder of most of the country’s oil reserves, is seeking a partner to help develop the $10 billion Shah gas project after ConocoPhillips pulled out of the venture.

“The initial strategy was to have a partner,” said Saif Ahmed Al-Ghafli, chief executive officer of Abu Dhabi Gas Development Co., the state company working on the Shah project. “The same strategy is in place,” he said today at a conference in Abu Dhabi.

Abu Dhabi Gas, wholly owned by state-run Abu Dhabi National Oil Co., is pressing ahead with the Shah development after ConocoPhillips withdrew in April. The emirate of Abu Dhabi needs to develop its reserves of sour, or high-sulfur, natural gas to help satisfy soaring domestic power consumption.