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In August 2010, Korea's oil business in UAE started by signing of MOU for oil development and oil stockpile business between KNOC and ADNOC. Korea and UAE also signed Head of Terms for three Blocks_(Area 1, 2, and 3) in UAE. KNOC made consortium with GS energy and finally made a contract with ADNOC on behalf of UAE on 3rd March 2012. This contract was significantly meaningful not only for KNOC, but also for Korea to participate for the first time in UAE, the 6th ranked oil reserve country in the world.
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Three Blocks in UAE |
| Signing |
Reserves |
Share(%) |
Operation |
| 3rd March, 2012 |
0.57 Billion Barrel ¹) |
ADNOC 60% KADOC²) 40% |
Joint operation(OPCO) |
|
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¹) Discovered Petroleum Initially in Place(Korean Consortium: 2.3 Billion Barrel)
²) Korean Consortium(KNOC 30%, GSenergy 10%)
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