The Abu Dhabi National Oil Company (ADNOC) has officially signed a Memorandum of Understanding (MOU) with the Korea National Oil Corporation (KNOC) and Korea Institute of Geoscience and Mineral Resources (KIGAM). The MoU provides for cooperation in research and development activities for oil fields development in UAE.
The agreement was signed by H.E Abdulla Nasser Al Suwaidi, ADNOC’s Director General, Mr. Moon Kyu Seo, KNOC’s President and CEO and Dr. Kyu Han Kim, KIGAM President in the presence of a number of senior officials from all parties.
They have expressed their intentions to promote joint research and technological cooperation related to oil concessions in UAE. The scope of cooperation will include petroleum geology/geophysics/basin/geo-chemical analysis; reservoir characterization by using field data; well stimulation and enhanced oil recovery considering the reservoir characteristics. ADNOC , KNOC and KIGAM also have plans for exchange of experts, regular technical seminars and workshops, aiming at promoting R&D cooperation.