Al Dhafra Petroleum Information

Al Dhafra Petroleum is a product of Joint Venture and Field Entry Agreement that was signed in 2012 between Abu Dhabi National Oil Company (ADNOC), Korea National Oil Corporation (KNOC) and GS Energy Group, where ADNOC owns 60% and KNOC and GS Energy share the remaining 40% under the representation of Korea Abu Dhabi Oil Corporation (KADOC) in the U.A.E. The 30 year agreement for development of two onshore concession blocks and one offshore concession block makes Republic of Korea the seventh foreign nation to develop Abu Dhabi crude. ​ The Concessions were granted by the Abu Dhabi government on 5 March 2012 with a total area of 11,559 sq.km. Area 1 & 2 are located in the SE and SW onshore respectively and Area-3 is located in the NW offshore from Abu Dhabi.​​ The area to be explored is 10% of the emirates landmass and contains several discovered fields, and additional hydrocarbon potential from the three concession areas, Area 1, Area 2 and Area 3. Al Dhafra Petroleum was officially established as an independent legal entity pursuant to the Amiri Decree issued by H.H Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, on December 10, 2013. Subsequently, H.E. Abdulla Nasser Al Suwaidi was appointed as the Chairman of the Board of Directors. The Board was constituted from members appointed from ADNOC & KADOC. The CEO, Shaheen Al Mansoori, together with the executive management team were appointed in the first quarter of 2014 to manage the business of the company. ​ ​ Al Dhafra Petroleum is now in the process of establishing its organization and critical functions in order to operate as an upstream operating company. Moreover, it is simultaneously engaged in subsurface reservoir studies and exploration activities so as to evaluate discovered fields and their upside potentials as well as identify other potential fields in the concession areas.