How can I grant read-only access to the third-party application

Hello,

A friend of mine will develop an application that works with AdWords API and that will download reports from my AdWords accounts.

We're not sure, however, what's the preferred way for me (the user) to grant permissions for his application so that it can read my data.

Honestly, reading the documentation does not make it clear either.

In order to his app access my account:

1) Do I need to set up a new project in my Developer Console and pass on to him the ClientID and ClientSecret so that he can use them to request the refresh token? (it would feel rather strange passing on these..)

2) If HE authorizes his application to access HIS AdWords Manager Account by OAuth - Is it enough if I link my AdWords account with his Manager Account for read-only access?

and finally 

3) Should I authorize my developerToken with Google and pass the token on to him, or he should  authorize his own developerToken and later use it?

I think option 2 above sounds the most reasonable, correct me if I'm wrong. Thanks!

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