South Korea and UAE sign the first oil development agreement

According to reports, South Korea and the United Arab Emirates (UAE) have signed the first cooperation agreement to develop two islands and one offshore oil field in the Middle East. It is estimated that the oil production of the Middle East countries can reach 43,000 barrels per day.

According to the Ministry of Economic Affairs of South Korea, in the new agreement signed by Abu Biza, the South Korean consortium led by Korea National Oil Corporation will hold 40% of the shares of the three oil fields, and Abu Biza National Oil Company will participate in the development of the oil field.

It is reported that the South Korean consortium will invest US$2 billion in this project. The project will cost US$5 billion.

The Ministry of Knowledge Economy said that the oil production of these oil fields may reach 43,000 barrels per day and will start commercial production in 2014.

South Korea will have 40% of its total output, and its daily production will reach approximately 17,000 barrels, which means that Korea's energy self-sufficiency rate will increase by 0.5%.

In addition, if a war breaks out on the Korean peninsula, the United Arab Emirates will transport all of the oil to South Korea under the agreement, which totals about 43,000 barrels, accounting for 9.2% of South Korea’s total overseas petroleum products.

South Korean Minister of Knowledge Economy Hong Suk-woo said: "This agreement marks the first time that South Korea has participated in the development of oil in the United Arab Emirates."

During a three-day visit to the United Arab Emirates, the Minister of Commerce of South Korea discussed the development of oil projects and the inspection of nuclear power plants under construction.

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