UAE’s ADNOC and South Korean companies sign framework agreement

26 Feb 2019

oil pumpsThe UAE’s state-owned ADNOC has signed a framework agreement with Korean companies Kogas, KNOC and GS Energy, a Korean independent energy company – S&P Global reports.

In a statement released Tuesday, ADNOC explained that the agreement is aimed at looking into domestic and international oil and gas opportunities. It will cover downstream investments and bunkering opportunities for oil and LNG.

Kogas, one of the Korean state-owned companies, is one of the world’s largest LNG consumers.

Last year, ADNOC announced its plans to raise its gas export target to 1 BCF/d by the end of 2030. ADNOC has since signed a similar agreement with Saudi Arabia with the intent of exploring domestic and international opportunities for gas.

In an effort to improve on its domestic reserves, ADNOC also awarded various gas exploration and production agreements with international oil companies. Some investors include France’s Total, Italy’s Eni, Austria’s OMV and Germany’s Wintershall.