Special to WorldTribune.com

ABU DHABI — South Korea and the United Arab Emirates have reached a
major energy cooperation accord.

Officials said South Korea’s state-run Korea National Oil Corp. and
GS Energy have been selected to develop three crude oil fields
in the UAE. They said the two South Korean companies would team with the
UAE’s state-owned Abu Dhabi National Oil Co. for a project estimated at $5
billion.

The project would grant South Korea a 40 percent stake in the
exploration project. Officials said two of the oil fields were onshore and
one offshore, with development scheduled to begin by April.

The three fields were expected to produce a combined output of 43,000
barrels per day by 2014. Under the 30-year accord, South Korea would acquire
17,000 barrels.

  Abu Dhabi National Oil Co., GS Energy, Korea National Oil Corp., offshore, oil exploration, onshore, South Korea sign $5 billion energy deal, UAE