Abu Dhabi National Oil Co. and a division of Royal Dutch Shell said they have signed a deal to explore the possibility of developing deep natural gas fields off the emirate's coast. The memorandum of understanding calls for the companies to evaluate the joint exploration, development and production of the fields. Shell said that once the evaluation is complete, it “hopes to move forward rapidly with final agreements in order to quickly begin joint exploration and development activities.” Shell already holds a 9.5 percent stake in the Abu Dhabi Onshore Co. and 15 percent share of Abu Dhabi Gas Industries Ltd.
