Two South Korean oil firms are looking to begin their £330million exploration work in the UAE within the next few months, it has emerged.
GS Energy and the Korean National Oil Corporation became the first new country in more than 40 years to partner in an oil concession in the Emirates when they struck a deal with Abu Dhabi National Oil Company last year.
Now the firms are looking to strike three appraisal wells at the Haliba field with negotiations ongoing over securing rigs for the site.
The Haliba site, close to the border with Oman, will start producing a few thousand barrels of oil per day to begin development works while larger scale operations begin.
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