UAE, South Korea sign MOU for oil field development

Eric Watkins
OGJ Oil Diplomacy Editor

LOS ANGELES, Mar. 17 -- The UAE and South Korea signed a wide-ranging memorandum of understanding that would commit Abu Dhabi to let South Korean exploration and production companies participate in development of one or more fields with cumulative recoverable reserves of at least 1 billion bbl.

A second area of cooperation involves storage of 6 million bbl of Abu Dhabi crude in South Korea's strategic petroleum reserve.

“The storage arrangements will enhance the energy security of the Republic of Korea, while also giving Abu Dhabi National Oil Co. greater flexibility in supplying customers in the Korean and neighboring markets,” UAE state media reported.

The formal agreement is to be signed in 2012. It also provides South Korean companies purchasing Abu Dhabi crude a first-right of refusal for as much as 300,000 b/d of oil.

Contact Eric Watkins at hippalus@yahoo.com.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...