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World Oil Giants Bid For UAE Gas Field

At least five international oil and gas majors submitted bids on Sunday for a giant sour gas project in the United Arab Emirates

World Oil Giants Bid For UAE Gas Field

At least five international oil and gas majors 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.

BP and Royal Dutch Shell said on Sunday, the last day for submission, that they had bid. France's Total , ConocoPhillips and the U.S.'s Occidental Petroleum Corp. were also in the running, industry sources said.

ADNOC had invited bids from several other companies including BG Group , Chevron , Eni , Exxon Mobil , Japan Oil Development Co, and German chemical company BASF subsidiary Wintershall. It was unclear on Sunday which of these companies had bid.

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