ADNOC, Korean firms to study opportunities

Abu Dhabi National Oil Co. has signed three framework agreements exploring opportunities with South Korean energy companies in oil and gas exploration and production, downstream, and bunkering of crude oil and LNG.

The agreements are with Korea Gas Corp. (KOGAS), Korea National Oil Co. (KNOC), and GS Energy.

KOGAS, the world’s second-largest buyer of LNG, has studied feasibility of LNG bunkering at the port of Fujairah.

KNOC has a 30% interest in ADNOC’s Al Dhafra Petroleum. It’s seeking to increase oil storage in South Korea by 24 million bbl by 2025.

GS Energy, Seoul, has a 10% stake in Al Dhafra Petroleum and a 3% stake in ADNOC Onshore.