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FINANCIAL NEWS
S Korean consortium to hold 40% stake in 3 UAE oil fields
05 Mar 2012
(MENAFN) South Korea’s Ministry of Knowledge Economy said that a consortium from the country sealed a contract with Abu Dhabi National Oil Co (ADNOC) to own a 40 percent stake in 3 UAE oil fields, reported Reuters.
The ministry added that the state-run Korea National Oil Corp (KNOC) would own 34 percent stake in the projects and GS Energy would hold a 6 percent, whereas ADNOC would own the remaining 60 percent.
It also said that the onshore and offshore oil drilling areas in Abu Dhabi have a total investment value of USD5 billon.
Moreover, the 40 percent stake would need a total investment by the consortium of USD2 billion.
It is worth noting that in case development of the oil fields would begin later this month, output would be forecasted to start in 2014, and daily production could reach a maximum of 43,000 barrels per day (bpd).
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