Agreements have been signed with the Korea Gas Corporation, Korea National Oil Company and GS Energy
Abu Dhabi National Oil Company (Adnoc) has signed three framework agreements with Korean energy companies to explore upstream exploration and production opportunities, potential downstream investments and bunkering opportunities for crude oil and liquified natural gas (LNG).
The agreements have been signed with the Korea Gas Corporation (Kogas), the world’s second largest buyer of LNG, which has conducted a feasibility study on LNG bunkering at Fujairah port, as well as the Korea National Oil Company (Knoc) and GS Energy.
The deals were signed during an official visit to the Republic of Korea by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The agreements were signed by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, and Kim Young Doo, Kogas CEO; Yang, Su Yeong, Knoc CEO and Huh Yongsoo, GS Energy CEO.
Al Jaber said: "The UAE, Abu Dhabi and Adnoc have enjoyed excellent business relationships with the Republic of Korea and the growing links between Adnoc and Korean companies are a testament to the depth and importance of those relationships, which the leadership of the UAE is keen to enhance.
"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."
He added: "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."
South Korea was the world’s eighth-largest energy consumer in 2017. According to the International Energy Agency, it imported about three million barrels per day of crude oil and condensate, making it the fifth-largest importer in the world.
It is highly dependent on the Middle East for its oil supply, and the region accounted for more than 82 percent of its 2017 crude oil imports, of which 11 percent was supplied by Adnoc.
It is also the world’s third-largest LNG importer.