The Abu Dhabi National Oil Company (ADNOC) has revealed signing of framework agreements with certain South Korean energy companies to explore domestic and international opportunities across the upstream, downstream and storage sectors.
In this regard, ADNOC has entered into agreements with Korea Gas Corporation (KOGAS), Korea National Oil Company (KNOC) and GS Energy.
In the upstream sector, the parties will look into exploration and production opportunities and in the downstream sector, they will look out for potential investments, said the UAE state-owned company. In addition to that, the parties will also explore bunkering opportunities for crude oil and liquified natural gas (LNG).
ADNOC Group CEO Sultan Ahmed Al Jaber said: “Our discussion explored domestic and international growth opportunities across a range of areas, including oil and LNG bunkering, meeting the Republic of Korea’s growing energy demands and attracting investment to our expanding upstream exploration and development operations and our downstream and gas expansion plans.
“As we successfully deliver our 2030 smart growth strategy, we will continue to work with partners who enable us to unlock and maximize value, contribute technology and help us secure access to the new centers of global demand.”
All the three South Korean energy companies are already involved in some projects in the UAE.
KOGAS, which is one of the largest buyers of LNG in the world, has carried out a feasibility study on LNG bunkering at Fujairah port in the UAE.
KNOC, on the other hand, owns a stake of 30% in ADNOC’s Al Dhafra Petroleum company, which is engaged in exploring and developing new oil and gas fields within three onshore and offshore locations in Abu Dhabi. The South Korean company is looking to boost oil storage in the Asian country by 24 million barrels until 2025.
The third company – GS Energy holds a stake of 10% in Al Dhafra Petroleum. GS Energy also has a 3% stake in ADNOC Onshore – the onshore producer within ADNOC Group, which produces 1.6 million barrels of oil and 5.6 billion cubic feet of gas per day.
In December 2018, the Abu Dhabi-based company signed a Memorandum of Understanding (MOU) with Japanese oil company Inpex on LNG bunkering partnership in the Middle East country.