ABU DHABI, Aug. 6 -- The United Arab Emirates Offsets Group (UOG) has short-listed five international oil firms for a stake in Dolphin Energy Ltd., the company responsible for implementing a very large gas development and transportation project.
The Dolphin project involves development of gas reserves from Qatar's giant North field and transportation of 2 bcfd of natural gas to markets in the UAE and Oman in its $3.5-$4 billion first phase.
The shortlisted companies are BP PLC, Conoco Inc., ExxonMobil Corp., Occidental Petroleum Corp., and Royal Dutch/Shell Group.
At present, UOG owns 75.5% of Dolphin Energy, and TotalFinaElf SA owns 24.5%. The companies will select the new partner in the fourth quarter. The partner will acquire part of UOG's stake.
UOG is finalizing details of the development and production-sharing agreements that are scheduled to be signed by the end of the third quarter. In March, UOG and the UAE signed an agreement over the project (OGJ Online, Mar. 14, 2001).
First gas is expected in 2005. Later phases of the Dolphin project will provide gas for power projects and other industrialization in the UAE, Dubai, and Oman, and perhaps eventually in Pakistan (OGJ Online, July 19, 1999, p. 28).