Abu Dhabi National Oil Company (ADNOC) has signed an agreement with the Korea National Oil Corporation (KNOC) and Korea Institute of Geoscience and Mineral Resources (KIGAM) to work closely together to develop UAE’s oil fields.
The agreement is aimed at boosting production from three Abu Dhabi concessions, currently developed by the Korea Abu Dhabi Oil Corporation (KADOC), the Korean consortium, KNOC and GS Energy.
The agreement includes joint research and technological cooperation for petroleum geology, geophysics, basin and geo-chemical analysis.
Research and development teams will be formed to conduct reservoir characterisation using field data, which will then be used for well stimulation and enhanced oil recovery.
The news comes as Abu Dhabi announced plans to raise production to 1.8mn barrels of oil per day (bopd) by 2017 from the current 1.6mn bopd.
H.E. Abdulla Nasser Al Suwaidi, ADNOC director general, said “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.”
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.
“I hope this cooperation in R&D will contribute to benefits in technology and economics of Haliba’s appraisal and development.”
