Linklaters has advised the Korea National Oil Corporation (KNOC) on the negotiation with the Abu Dhabi National Oil Company (ADNOC) of significant oil and gas concession arrangements for the exploration and development of three concession areas in Abu Dhabi, United Arab Emirates.
KNOC has entered into the arrangements as majority participant in a joint venture with GS Energy. The concession areas are estimated to contain 570 million barrels of oil in place with the possibility of significant additional exploration upside.
The deal also involves KNOC providing oil and gas storage arrangements in South Korea.
It reflects South Korea's ongoing pursuit of energy security as well as its wider growing relationship with Abu Dhabi and the UAE across various projects in the Energy and Utilities Sector
The deal also highlights the strength of the firm’s ongoing relationship advising KNOC on its most challenging and significant outbound transactions, building on previous transactions such as KNOC's recent US$2.6bn hostile takeover of Dana Petroleum, and the increasing growth of trade flows between Asia and the Middle East.
Fiona Hobbs, lead partner on the transaction, commented:
"We are delighted to have had a further opportunity to assist KNOC in pursuing its strategy outside Korea. We see this as part of the increasing influence of Korean companies on the world stage, and a case where our worldwide oil and gas team has been able to join up to meet our client’s needs."
Linklaters’ team, led by Fiona Hobbs in London and James Mclaren in Hong Kong together with team members Leila Shabankareh in Abu Dhabi, Matthew Daffurn and Louise Stevenson, advised KNOC on all aspects of the deal.
For further information, please contact Katie Taylor on +44 20 7456 2287 or Rupert Winlaw on +44 20 7456 3219.