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Uae
 
Landmark Deal in the Development of Three Oil Blocks in the UAE
 

On March 5, 2012, a Korean consortium comprised of KNOC and GS Energy signed a contract with ADNOC to develop three untapped oil blocks in Abu Dhabi, the UAE. The contract between Korea and the UAE followed an MOU on cooperation in the crude oil and gas exploration and development sectors between their governments, signed in August 2010 and Head of Terms for the development of three Blocks (Area 1, 2, and 3) in March 2011. The landmark deal made Korea advance into the UAE, the 6th largest oil reserve holder in the world, for the first time.

 
Signing on Reserves Stakes Operator
March 5, 2012 228 million barrels1) ADNOC 60% KADOC2) 40% Joint operation(Al Dhafra)
 
1)Original Oil in Place (The consortium’s share : 91 million barrels)
2) Korean Consortium (KNOC 30%, GS Energy 10%)

 

Department Contacts Updated
Updated : 2019-04-08 Department : Asset Management Dept. Contacts : +82)52-216-3265

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