ConocoPhillips has decided to withdraw its participation in the Shah sour gas field project.
In 2008, ConocoPhillips signed an interim deal with Adnoc to develop the natural gas condensate reservoirs within the Shah sour gas field followed by a joint-venture and field-entry agreement in July 2009.
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US oil major ConocoPhillips said it will now concentrate on short to medium-term revenue growth.
Under the deal, ConocoPhillips would have held a 40% stake in the joint development, with Adnoc holding onto the remainder.
