AMSTERDAM (AP) -- Royal Dutch Shell PLC says it has won a 30-year deal to develop and produce natural gas from the Bab fields in Abu Dhabi.
The Anglo-Dutch oil giant said Tuesday in a statement it will operate a joint venture to develop the field, taking a 40 percent stake while Abu Dhabi National Oil Company owns 60 percent.
The Bab reservoirs, around 160 kilomters (100 miles) southwest of Abu Dhabi city, are estimated to be capable of producing 3.6 million cubic meters of gas daily, worth roughly $200 million per year.
Shell CEO Peter Voser said Tuesday the project would supply the local market in the United Arab Emirates.
Abu Dhabi is due to choose a partner or partners to exploit oil fields in the same area next year.
- Commodity Markets
- Abu Dhabi National Oil Company
- Abu Dhabi
- natural gas