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ConocoPhillips signed a multibillion-dollar natural-gas development deal Tuesday with Abu Dhabi National Oil Co., adding another major project to its global portfolio and gaining a rare stake in the energy-rich Middle East.
The deal -- which involves an estimated $10 billion to $12 billion investment by the two companies, according to people familiar with the lengthy negotiations -- is another step in the transformation of Houston-based ConocoPhillips into a global energy power. The company didn't disclose terms of the transaction.
The Abu Dhabi project is the third major deal that ConocoPhillips Chief Executive James Mulva has landed in the Middle ...
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