A National Drilling Company rig at work in an ADCO field.Courtesy ADCO
A National Drilling Company rig at work in an ADCO field.Courtesy ADCO

Korea’s GS Energy takes 3% stake in Abu Dhabi’s onshore oilfields

South Korea's GS Energy, backed by the Asian country's state-owned oil producer, will take a 3 per cent stake in Abu Dhabi's prime onshore concession, Abu Dhabi National Oil Company (Adnoc) said yesterday.

The deal is the latest in the long-running process whereby Adnoc and the Supreme Petroleum Council have been allocating 40 per cent of the company that operates 15 onshore oilfields, accounting for more than half the UAE’s daily oil output.

The Adco concession, as it is called, expired at the end of 2013 and Adnoc has been evaluating bids for new 40-year contracts for more than a year.

France’s Total was the first to win a stake, this year paying US$2.2 billion for a 10 per cent share in Adco and operational control over two of the most sought after fields.

Two weeks ago, Japan’s Inpex said it had won a 5 per cent share in Adco.

The stake being taken by the Korean companies is surprisingly low, as companies involved in the bidding process had previously said they were asked to bid for either 10 per cent or 5 per cent slices of the concession.

In a statement, Adnoc said: “Korea GS E&P, a wholly-owned subsidiary of GS Energy Corporation, receives a 3 per cent participating interest in the new concession, with effect from 1st January 2015, to become the third partner to join the joint venture along with Total and Inpex … While Korea GS E&P is a wholly-owned subsidiary of GS Energy Corporation, it plans to receive technical support as necessary from the Korea National Oil Corporation [Knoc].”

GS Energy is a subsidiary of GS Holdings, the energy, retail and construction conglomerate controlled by the Huh family, led by Huh Chang Soo, chairman and chief executive of the group.

The company owns substantial refining interests via GS Caltex, a joint venture with Chevron, that was spun off as an independent company and which has bought crude oil from Abu Dhabi for more than three decades.

According to a newspaper report in Seoul in March, Knoc will jointly finance GS Energy’s stake in Adco.

The deal will make GS Energy the largest oil producer in Korea, pushing its daily oil capacity to 90,000 bpd, ahead of SK Innovation's 77,000 bpd.

Like Japan, Korea imports all its oil and relies on Abu Dhabi for a significant share: it imported 12 per cent of its 2.5 million bpd requirement from the UAE last year, according to the Energy Information Agency.

GS Energy is the focus of GS Holding’s crude exploration interests, which comprises half a dozen projects that are spread in the UAE and South East Asia.

It has operated in Abu Dhabi for the past three years, developing three blocks in partnership with Knoc at the Haliba field on the Omani border, in which it has a 10 per cent stake and Knoc has another 30 per cent.

Knoc said in March it had extracted 18,000 barrels of crude from appraisal wells in the Haliba field in tests last year and confirmed that its chemical component was similar to Murban crude.

Production at Haliba is expected to be at 5,000 barrels per day (bpd) by the end of 2017, rising to 40,000 bpd in 2019.

Potential recoverable oil in the three fields is estimated to be nearly 1 billion barrels.


Follow The National's Business section on Twitter

Tu Jhoothi Main Makkaar

Director: Luv Ranjan

Stars: Ranbir Kapoor, Shraddha Kapoor, Anubhav Singh Bassi and Dimple Kapadia

Rating: 3/5

The specs: 2019 BMW i8 Roadster

Price, base: Dh708,750

Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery

Transmission: Six-speed automatic

Power: 374hp (total)

Torque: 570Nm (total)

Fuel economy, combined: 2.0L / 100km

Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

The pillars of the Dubai Metaverse Strategy

Encourage innovation in the metaverse field and boost economic contribution

Develop outstanding talents through education and training

Develop applications and the way they are used in Dubai's government institutions

Adopt, expand and promote secure platforms globally

Develop the infrastructure and regulations


Director: Nayla Al Khaja

Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni

Rating: 3.5/5

UAE Team Emirates

Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)

The Good Liar

Starring: Helen Mirren, Ian McKellen

Directed by: Bill Condon

Three out of five stars


Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape

The bio

Favourite book: Kane and Abel by Jeffrey Archer

Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist

Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi

Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup

Hobbies: Reading and drawing


Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded


Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine

Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour

Memory: 8/16/24GB

Storage: 256/512GB / 1/2TB

I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID

Connectivity: Wi-Fi 6E, Bluetooth 5.3

Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging

Camera: 1080p FaceTime HD

Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10

Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)

Colours: Midnight, silver, space grey, starlight

In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers

Price: From Dh4,599


Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)

Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)

Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)

Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)

Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)

Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)

Boston Strangler

Director: Matt Ruskin
Starring: Keira Knightley, Carrie Coon, Alessandro Nivola
Rating: 3/5

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government


Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5