The United Arab Emirates' Shah gas project is on track for completion by the end of 2014, the chief executive of the Abu Dhabi Gas Development Company said on Monday. "We are well and truly on course to deliver the project in late 2014," said Saif Al Ghafli, CEO of the joint venture between Abu Dhabi National Oil Company (ADNOC) and U.S. based Occidental Petroleum."The facilities and pipelines are over 80 percent complete and the drilling is over one third complete," he told the Middle East Petroleum and Gas Conference in Abu Dhabi.The technically challenging project to process around 1 billion cubic feet a day (bcf/d) of sour gas into 0.5 bcf/d of usable gas in the remote desert is vital to temper the UAE's growing gas imports.As well as clean gas for industry and power generation, the project will produce significant volumes of condensate, a light oil, and large quantities of sulphur powder which will be taken by rail to the Gulf port of Ruwais for export.
Occidental Petroleum Corporation (Occidental) conducts its operations through various subsidiaries and affiliates. Shares of OXY remained unchanged at $79.61. In the past year, the shares have traded as low as $72.43 and as high as $93.78. On average, 5497450 shares of OXY exchange hands on a given day and today's volume is recorded at 100.
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