December 26, 2014

Abu Dhabi Oil Industry Gets a New Entrant

Abu dhabi oil industry gets a new entrant

A newly formed oil company starts its operations in Abu Dhabi, in a joint venture between Abu Dhabi National Oil Company (Adnoc) and Korea’s two energy giants Knoc and GS who have a combined 40 per cent share interest.

Al Dhafra Petroleum Operations Company Ltd will soon start its activities on two onshore blocks and one offshore block. The joint venture was set up in December last year by a law issued by the President, His Highness Shaikh Khailfa bin Zayed Al Nahyan.
The company board meeting held in Abu Dhabi in which the business plan and strategies were reviewed and budgets for coming fiscal year was approved as the company will start the on field activities in 2015.

 

The newly formed Al Dhafra Petroleum Operations Company Ltd is a joint venture between Abu Dhabi National Oil Company (Adnoc) and Korea’s two energy giants Knoc and GS. Adnoc has 60% share and the both Korean companies share a combined 40% of the total shares.
Shaheen Al Mansoori has been appointed as the CEO of the newly made company.
With this joint venture the Korea becomes the seventh foreign nation to operate in Abu Dhabi’s oil industry.