KOREA INSTITUTE OF GEOSCIENCE AND MINERAL RESOURCES

□ Korea Institute of Geoscience and Mineral Resources(Dr. Kyu Han Kim, President) and Korea National Oil Corporation(Mr. Moon Kyu Seo, President & CEO) signed the MOU with Abu Dhabi National Oil Company(Abdulla Nasser Al Suwaidi, Director General of ADNOC) on March 4th, 2015 in the ADNOC headquarter, located in Abu Dhabi for R&D cooperation on oil field development in UAE.

□ In the MOU, ADNOC, KNOC and KIGAM have agreed upon promoting joint research and technological cooperation related to oil concessions (Area 1, 2 & 3) in UAE. The scope of cooperation will include petroleum/geology/geophysics/basin/geo-chemical analysis; reservoir characterization by using field data; well stimulation and enhanced oil recovery considering the reservoir characteristics. Also, they have plans for experts exchange, regular technical seminars and workshops, aiming for promoting R&D cooperation.

□ Dr. Kyu Han Kim, President of KIGAM, said that "KIGAM is going to expand joint research collaborations with UAE, the oil-producing country with advanced technologies with today’s MOU". He also added that as the leading organization responsible for R&D program, KIGAM is committed to do its best to make sure that joint research and exchange of experts will go as smoothly as planned.

□ It is expected that this partnerships between UAE and Korea will be helpful to strengthen the R&D capabilities of all the parties(ADNOC, KIGAM, and KNOC). Also, it helps to achieve productivity in the oil field business, which currently operated by Al Dhafra.

※ The Korean Consortium(KADOC) associated by KNOC and GS Energy is currently joining development activities in three oil concessions(Area 1, 2 & 3) in UAE, which holds the world's seventh-largest proved oil reserves. Al Dhafra(Al Dhafra Petroleum Operations Company), the joint venture company established by ADNOC and KADOC, is now engaging in overall activities in the three oil concessions.