ADNOC signs framework agreements with South Korean energy companies
Three agreements cover upstream, downstream and bunkering opportunities for both crude oil and LNG
The Abu Dhabi National Oil Company (ADNOC) has signed three framework agreements with Korean energy companies to explore upstream exploration and production opportunities, potential downstream investments and bunkering opportunities for both crude oil and liquified natural gas (LNG) during Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan's visit to the nation.
Agreements were signed with GS Energy, which has a 10% stake in Al Dhafra Petroleum and a 3% stake in ADNOC Onshore, Korea National Oil Company, which has a 30% stake in Al Dhafra and plans to increase Korea's oil storage by 24 mn barrels by 2025, and Korea Gas Company, which is the world's second largest buyer of LNG and has conducted a feasibility study on LNG bunkering in Fujairah.
“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," ADNOC CEO Dr. Sultan Al Jaber said. “As we successfully deliver our 2030 smart growth strategy, we will continue to work with partners who enable us to unlock and maximize value, contribute technology and help us secure access to the new centers of global demand.”
ADNOC noted that 11% of South Korea's 2017 crude imports was supplied by ADNOC. According to its 13th Long-term Natural Gas Supply plan domestic natural gas demand, for power generation, is expected to reach 40.49 million tonnes (MMt) by 2031 – a 3 MMt increase over 2017 levels.