Korean Consortium Brings First Shipment of UAE Crude Oil to Korea

A Korean consortium composed of Korea National Oil Corp. (KNOC) and GS Energy announced on Sept. 9 that the first shipment of crude oil produced in the Haliba oil field in the United Arab Emirates arrived at Yeosu Port of Korea on Sept. 8. The Murban oil produced from the oil field is representative of the crude oil produced in the UAE. It is a high-quality light oil.

The Korean consortium succeeded in crude oil exploration, development and production in cooperation with Abu Dhabi National Oil Co. (ADNOC) in the UAE.

“Crude oil produced in the Haliba oil field is exported through Fujairah Port located outside the Strait of Hormuz. Therefore, the Korean consortium can bring crude oil to Korea even when the strait is blocked due to a heightened conflict between the United States and Iran,” a KNOC official said.

The Haliba oil field can ramp up production by up to 40,000 barrels a day and the Korean consortium can take 16,000 barrels, or 40 percent of the volume. “We can directly bring up to 5.8 million barrels of crude oil annually to Korea,” the KNOC official said.
Source: Business Korea