Middle East Economic Survey

VOL. LIV

No 13

28-Mar-2011

UAE

ADNOC And KNOC Sign Agreements For Oil Exploration And Storage

The Abu Dhabi National Oil Company (ADNOC) and the Korean National Oil Company (KNOC) have signed a heads of terms agreement for further exploration and potential development of three undeveloped blocks held by ADNOC and believed to have more than 500mn barrels of oil in place, ADNOC announced on 14 March in a company statement. The signing of the agreement coincided...