S. Korea wins rights to explore UAE oilfields

The UAE’s state news agency says two South Korean companies have signed a deal with the Abu Dhabi National Oil Company to drill in three undeveloped oil fields in the Gulf nation.

Korea National Oil Corporation and GS Energy will share a combined 40 per cent stake in the project announced Monday by state news agency WAM. ADNOC will retain a majority stake in the fields.

Financial terms weren’t disclosed by WAM.

The agreement is valid for 30 years, and covers exploration, development and oil production of the fields.