• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 22 mins U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 13 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 mins .
  • 17 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 2 days Joe Biden's Presidency

South Korean Consortium Acquires 40% Stake in Abu Dhabi Oil Fields

The Ministry of Knowledge Economy, part of the South Korean government, announced at the beginning of the week that a consortium of oil companies from the country had signed a deal with the Abu Dhabi National Oil Co. (ADNOC) to purchase a 40% stake in three oil drilling regions, both onshore and offshore, in Abu Dhabi.

The consortium will invest $2 billion to acquire the 40% stake; 34% of which will be controlled by the state-run Korea National Oil Corp, with the other 6% going to GS Energy. The remaining 60% of the three oil fields will continue to be controlled by ADNOC.

Related Articles: A Look at the US Oil Boom - Without the Hype

The foundations for this deal were first announced by South Korea over a year ago, and form part of a plan to secure oil supplies for the future. As a part of the deal South Korea will have the ability to import 100% of the oil produced from the fields on the off chance that there is a disruption to regular supplies; ensuring that the country has guaranteed access to oil, no matter what.

The three fields have been estimated to contain as much as 570 million barrels of recoverable oil. Production is expected to begin in 2014, and could reach a maximum of 43,000 barrels a day.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News