ConocoPhillips Joins Abu Dhabi National Oil Company

ConocoPhillips [NYSE: COP] and Abu Dhabi National Oil Company (ADNOC) today signed an Interim Agreement to develop the Shah Gas Field in Abu Dhabi.

Under the Interim Agreement ConocoPhillips and ADNOC will jointly share the ongoing cost of front-end engineering and design (FEED) and project mobilization for the Shah Gas Field development. Final project agreements are expected to be completed by year-end.

"ConocoPhillips is pleased to establish a major presence in Abu Dhabi and is honored to participate with ADNOC in this world-class gas development. Our extensive experience in the development of high-sulfur gas fields and ability to employ state-of-the-art technology complements our strategy to invest in projects that expand our global presence and help meet the growing demand for energy around the world,” said Jim Mulva, chairman and chief executive officer, ConocoPhillips.

This large-scale project involves the development of natural gas condensate reservoirs within the Shah Gas Field, located onshore approximately 180 kilometers southwest of the city of Abu Dhabi. The project will involve the construction of a new one billion cubic feet/day natural gas processing plant at Shah, new natural gas and liquid pipelines and sulfur-exporting facilities at Ruwais, UAE. ADNOC will have a 60 percent interest and ConocoPhillips will have a 40 percent interest in the project.

ConocoPhillips is an integrated energy company with interests around the world. For further information go to www.conocophillips.com.