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Shah Field work awarded to ConocoPhillips
ConocoPhillips won the estimated $10 billion job to develop sour gas reserves at Shah Field, off the United Arab Emirates. “ConocoPhillips is the winner of the project,” a source at state-run Abu Dhabi National Oil Company (ADNOC), told Reuters. ConocoPhillips is expected to take a 40% stake in the project, while ADNOC would hold the rest.
Kazakhstan warns investors
Kazakhstan Prime Minister Karim Masimov announced that the Kazakh state could seize oil fields and mineral deposits from private investors. “If contractual obligations for the developments of mineral resource deposits are not respected, the contracts will be cancelled and the deposits will be returned to the state,” Masimov announced at a government meeting following a series of high-profile business disputes involving top foreign energy majors.
BP to cut 5,000 jobs
Tony Hayward, chief executive of BP, has confirmed that the company will slash about 5,000 jobs worldwide.
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