UAE signed a memorandum of understanding  giving South Korean firms rights to develop oil fields in Abu Dhabi

The three oil fields in the United Arab Emirates (UAE) that South Korean companies are entitled to develop are estimated to hold more than 500 million barrels of oil, the South Korean commerce minister said Friday, according to Yonhap News Agency.

Last year, the UAE signed a memorandum of understanding with Seoul giving South Korean firms the rights to develop the fields in Abu Dhabi, and both sides recently agreed they will conclude the main contract next month, the report said.

“The size of those oil fields is really huge as they make up about 11 percent of the whole of Abu Dhabi,” Commerce Minister Hong Suk-woo was quoted as saying.

The oil development deal with the UAE has been touted as the largest ever for South Korea, and was potentially valued at around KRW 110 trillion (USD 98 billion). South Korea has been seeking to secure sufficient oil supplies as it depends heavily on imports for its energy needs. Seoul is the world’s fifth-largest crude oil importer and does not produce a single drop itself.