"The South Korean joint venture exploring for oil in Abu Dhabi aims to start drilling within months, the first stage of a US$500 million spending plan for the next five years.
Korea National Oil Corporation (Knoc) and GS Energy - companies that last year made South Korea the first new country to partner in an Abu Dhabi oil concession in four decades - are securing rigs for three appraisal wells planned at the Haliba field on the Omani border.
If the drilling is successful, the Korean partners and Abu Dhabi National Oil Company (Adnoc) hope to start producing a few thousand barrels of oil per day to start generating a modest income while they proceed with full-field development, a five-to-six-year process."
'via Blog this'
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