On 2nd July, Al Dhafra Petroleum, which is a joint project between the Abu Dhabi National Oil Company (ADNOC), the Korea National Oil Company, KNOC, and GS Energy, and one of ADNOC’s youngest operating companies, announced that it has started producing crude oil from Abu Dhabi’s Haliba field and found hidden resources in three new fields in its concession area.
According to a declaration made by ADNOC, the success of Haliba “strengthens the UAE’s and South Korea’s strategic bilateral relations and mirrors the significance ADNOC places on its long-term assistance with South Korea’s energy sector.”
Haliba field, which is located along the southeast border of the Emirate of Abu Dhabi, is a constituent of ADNOC’s oil production capacity growth to 4 million barrels per day (bpd) by the end of 2020. ADNOC stated that the initial production from the field would gradually increase to 40,000 bpd by the end of 2019 as Al Dhafra Petroleum further opens the vast capacity of the field.
Al Dhafra Petroleum commenced on a far-reaching appraisal programme in Haliba field that empowered it to discover 1.1 billion barrels of original oil in place (OOIP), a compelling increase from the 180 million initially assumed. At the same time, it found likely resources in three new fields – Al Humrah, Bu Tasah, and Bu Nikhelah – after exhaustive exploration programmes.
It’s the first time Al Dhafra Petroleum is generating crude oil since it was set up in 2014 and, to mark the landmark, a special ceremony was convened at ADNOC Headquarters. At the ADNOC Headquarters, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, hosted a government delegation from South Korea headed by Ilpyo Hong, Chairman of the Trade, Industry, Energy, SMEs, and Start-Ups Committee of the National Assembly of South Korea; and contained Youngjoon Joo, South Korea’s Deputy Minister of Trade, Industry and Energy; Suyeong Yang, President and CEO of KNOC; Yongsoo Huh, President and CEO of GS Energy; members of South Korea’s National Assembly; and government officials from South Korea.
Al Dhafra Petroleum plans to expedite oil production from these fields by making use of modularized production units that offer swift and innovative production capacity and will transport the oil for processing using trucks. This adept approach can unlock immediate value by curbing the oil’s ‘discovery-to-market’ cycle to less than two years, increasing profitability and shareholder value.
