Abu Dhabi National Oil Company has signed a contract with South Korea to exploit three virgin oilfields in Abu Dhabi and explore across a huge swath of the emirate.
Korea National Oil Corporation (KNOC) and GS Energy, a Seoul-based company, will hold 40 per cent interest in the contract, which could start pumping its first crude within two years.
"Korea and the United Arab Emirates are already working closely on projects of joint strategic importance, and today's developments see the further strengthening of that friendship through an important, and truly mutually beneficial, energy partnership between our two countries," said Minister Hong Suk Woo, who was in Abu Dhabi today for the signing ceremony.
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