United Energy Companies
On March 4 (local time), the Korea National Oil Corporation (KNOC) and the Korea Institute of Geoscience and Mineral Resources (KIGAM) signed a Memorandum of Understanding (MOU) for Oil Development Technical Cooperation with Abu Dhabi National Oil Company (ADNOC) of the UAE in the ADNOC headquarters.
The MOU will strengthen cooperation in research and development in the oil fields development area between Korea and the UAE.
Through the MOU, the three companies will collaborate in petroleum geology, geophysics, and basin and geo-chemical analysis on three exploration blocks (Area 1, 2 and 3), which the KNOC is familiar with, since they have previously participated in exploration of the blocks. Also, it will also establish the technical tie-up in reservoir characterization, well stimulation, and enhanced oil recovery.
In particular, KNOC, KIGAM, and ADNOC have plans for an exchange of experts, including visiting professors and those who have Ph.D.s, in order to improve manpower interchange in the R&D sector. Also, they will dispatch Korean technical professionals to the ADNOC and Petroleum Institute of Abu Dhabi, and hold regular technical seminars and workshops.
Seo Moon-kyu, president of KNOC, said, “I hope this MOU becomes a starting point of successful joint research between the oil development organizations in two countries, conducted in the UAE, which holds the world’s 7th largest proved reserves of oil at 97.8 billion barrels.”