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Shell and Abu Dhabi target offshore gas production

International Herald Tribune

The memorandum of understanding calls for the companies to evaluate the joint exploration, development and production of the fields.

Shell says that once the evaluation is complete, it “hopes to move forward rapidly with final agreements in order to quickly begin joint exploration and development activities.”

Shell already holds a 9.5 percent stake in the Abu Dhabi Onshore Co. and a 15 percent share of Abu Dhabi Gas Industries Ltd.

Financial terms were not disclosed.

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