Alexa

South Korea wins rights to explore UAE oil fields

South Korea wins rights to explore UAE oil fields

The United Arab Emirates' state news agency says two South Korean companies have signed a deal with the Abu Dhabi National Oil Company to drill in three undeveloped oil fields in the Gulf nation.
Korea National Oil Corporation and GS Energy will share a combined 40 percent stake in the project announced Monday by state news agency WAM. ADNOC will retain a majority stake in the fields.
Financial terms weren't disclosed by WAM.
The agreement is valid for 30 years, and covers exploration, development and oil production of the fields.


Updated : 2021-04-13 22:55 GMT+08:00