Big Oil bids for giant UAE gas project

At least five international energy companies submitted bids on Sunday for a giant sour gas project in the United Arab Emirates that could be have a price tag as high as $10 billion.

The project is one of the largest open to oil and gas companies competing for limited access to the Middle East’s energy reserves. Saudi Arabia keeps the world’s biggest oil reserves closed to international firms, while gas exporter Qatar has a moratorium on new projects.
The winner would take a 40 percent stake in the project, with state-run Abu Dhabi National Oil Company (ADNOC) taking the rest. The project was expected to have gross gas production of around 3 billion cubic feet per day and analysts estimate investment in the project could total $10 billion.

Financial Post