South Korea's KNOC Starts Crude Oil Output in UAE's Haliba Oilfield
Haliba’s production stands at 10,000 barrels per day (bpd) and is expected to increase to 40,000 bpd by year-end and 60,000 bpd by 2023.
OILMONSTER.COM- State-run Korea National Oil Corp (KNOC) has started commercial crude production in the United Arab Emirate’s Haliba oilfield that it jointly owns with the Abu Dhabi National Oil Company (ADNOC) and GS Energy, it said on Tuesday.
Haliba’s production stands at 10,000 barrels per day (bpd) and is expected to increase to 40,000 bpd by year-end and 60,000 bpd by 2023, KNOC said in a statement.
KNOC, joint operator of the field with ADNOC, said it can either sell oil produced in the field or ship it to South Korea.
In March 2012, a South Korean consortium consisting of KNOC and GS Energy signed a deal with ADNOC to explore and develop three UAE onshore and offshore drilling areas, including Haliba.
KNOC holds a 30% stake in the project, GS Energy has 10%, and ADNOC owns the remaining 60%.
Courtesy: www.hellenicshippingnews.com
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