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ADNOC, Shell sign initial Abu Dhabi gas deal
Abu Dhabi National Oil Company (ADNOC) and Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) have signed a preliminary deal to jointly explore, develop and produce offshore gas fields in Abu Dhabi, Shell said on Monday.
"ADNOC and Shell Abu Dhabi signed a memorandum of understanding today under which Shell will evaluate potential joint exploration, development and production with ADNOC of offshore deep gas fields prospects in Abu Dhabi," Shell said in a statement.
"Once the evaluation is completed, Shell hopes to move forward rapidly with final agreements in order to quickly begin joint exploration and development activities."
The United Arab Emirates, of which Abu Dhabi is one, holds the world's fifth-largest gas reserves at nearly 214 trillion cubic feet, much of it sour.
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