Adnoc Signs Agreements with Korean Firms

State-owned Abu Dhabi National Oil Company (Adnoc) has signed three framework agreements with Korean energy companies to explore upstream opportunities, potential downstream investments and bunkering opportunities for both crude oil and LNG, it said February 26.

The agreements were signed with the Korea Gas Corporation (Kogas), Korea National Oil Company (Knoc) and GS Energy during Abu Dhabi crown prince Mohamed bin Zayed Al Nahyan’s visit to the Asian country. 

The three Korean firms already have significant presence in Abu Dhabi. Kogas has conducted a feasibility study on LNG bunkering at Fujairah port; Knoc has a 30% stake in Adnoc’s Al Dhafra Petroleum while GS Energy too has a stake in Al Dhafra Petroleum along with a 3% stake in Adnoc Onshore.

“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,” said Adnoc CEO Ahmed Al Jaber.

Al Jaber said that South Korea is highly dependent on the Middle East for its oil supply, and the region accounted for more than 82% of its 2017 crude oil imports, of which 11% was supplied by Adnoc. Korea is also the world’s third-largest LNG importer.