ADNOC signs MoU with Korea's KNOC, KIGAM for cooperation on oil field development

ABU DHABI, 5th March 2015 (WAM) --- The Abu Dhabi National Oil Company (ADNOC) on Wednesday signed a Memorandum of Understanding (MoU) with the Korea National Oil Corporation (KNOC) and Korea Institute of Geoscience and Mineral Resources (KIGAM). The MoU provides for cooperation in research and development activities for oil fields development in UAE. The agreement was signed by Abdulla Nasser Al Suwaidi, ADNOC’s Director General, Moon Kyu Seo, KNOC’s President and CEO and Kyu Han Kim, KIGAM President in the presence of a number of senior officials from all parties. By entering into the MoU, ADNOC, KNOC and KIGAM have expressed their intentions to promote joint research and technological cooperation related to oil concessions in UAE. The scope of cooperation will include petroleum geology/geophysics/basin/geo-chemical analysis; reservoir characterisation by using field data; well stimulation and enhanced oil recovery considering the reservoir characteristics. ADNOC, KNOC and KIGAM also have plans for exchange of experts, regular technical seminars and workshops, aiming at promoting R&D cooperation. Abdulla Nasser Al Suwaidi, ADNOC Director General, said "initiatives such as the recent signing of a Memorandum of Understanding (MoU) between ADNOC, KNOC and KIGAM reinforce ADNOC’s commitment to grow its oil and gas portfolio capacity and demonstrate that ADNOC have a road map to achieve this objective through research and development (R&D.)" "ADNOC fully believes in the importance of scientific research and modern technology in enhancing oil recovery, for that end we are seeking to build constructive partnerships with the major international companies to provide a solid research and development that contribute to our efforts aiming at increasing ADNOC’s oil and gas portfolio capacity", he added. On his part Kyu Han Kim, President of KIGAM, said, "Through the MoU, KIGAM is going to expand joint research collaborations with UAE, the oil-producing country with advanced technologies". He also added that as a leading organisation responsible for R&D program, KIGAM is committed to do its best to make sure that joint research and exchange of experts will go as smoothly as planned. Moon Kyu Seo, President and CEO of KNOC, said that "We highly anticipate this MoU will be able to give a momentum for ADNOC, KNOC and KIGAM to implement field oriented R&D programs in our concessions. And I hope this cooperation in R&D will contribute to benefits in technology and economics of Haliba’s appraisal and development." It is expected that this partnership between UAE and Korea will be helpful not only to strengthen the R&D capabilities of all the parties(ADNOC, KIGAM, and KNOC), but also to bring higher productivity to the oil field business, currently operated by Al Dhafra. Korea Abu Dhabi Oil Corporation (KADOC), the Korean Consortium which joins KNOC and GS Energy is currently engaging in development activities in three oil concessions. Al Dhafra Petroleum Operations Company, a product of a Joint Venture and Field Entry Agreement that was signed in 2012 between ADNOC and KADOC, is now engaging in overall activities in the three oil concessions. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395277458700.html