Untapped UAE oil fields estimated to hold over 500 million barrels

[Lankan Ranger]

Untapped UAE oil fields estimated to hold over 500 million barrels

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 commerce minister here said Friday.

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

"The size of those oil fields is really huge as they make up about 11 per cent of the whole of Abu Dhabi," Commerce Minister Hong Suk-woo said in a meeting with reporters Thursday.

His comments including the estimation of the amount of oil reserves there were embargoed until Friday.

The oil development deal with the UAE has been touted as the largest ever for South Korea, and was potentially valued at around 110 trillion won (US$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.

Meanwhile, the minister in charge of commerce, energy and trade policies forecast South Korea would return to a "very small" trade surplus in February, following a January shortfall.

The country posted a trade deficit of about $2 billion last month as the toughening external market conditions led to a drop in exports, according to latest customs data. The shortfall was the first in two years.

Lanka Business Report

 

[Lankan Ranger]

More Oil..................

 

[Developereo]

The three oil fields in the United Arab Emirates (UAE) that South Korean companies are entitled to develop

After trillions of dollars and a half century of oil prosperity, they still depend on foreigners to develop the core centerpiece of their economy, the key underpinning of their national security?

 

[RazPaK]

Why allah swt you have given this resource to arabs and iranians when we can utilize it better than both?

Time for jewab-e-shikwa from sir Allama Iqbal.

 

[boris]

and the race to UAE begins.

 

[yahya07]

Why allah swt you have given this resource to arabs and iranians when we can utilize it better than both?

Time for jewab-e-shikwa from sir Allama Iqbal.

Dw man, this oil is really a curse. It may seem counter intuitive, but Pakistan is better with out it.

 

[shiv]

yeah... and there are billion barrels under the artic sea bed and in antarctica...

 

[Abii]

Why allah swt you have given this resource to arabs and iranians when we can utilize it better than both?

Time for jewab-e-shikwa from sir Allama Iqbal.

Ignore the arabs for a sec. Tell me how you would have utilized it better than us. I'm all ears.

And you don't need oil to prosper. Oil is actually a curse.
also, Iran spends this oil money on education and health care, as well as infrastructure. Things might change in the future, but in the past 32 years our education and health care spendings as percentages of GDP have always been less than our defence spendings. This is not the same in Pakistan. So I don't understand why you say we utilize it incorrectly.

 

[ARCHON]

Ahh blessed by oil...

canada too... little blessings to US and Russia also.... god is great..

 

[Mosamania]

After trillions of dollars and a half century of oil prosperity, they still depend on foreigners to develop the core centerpiece of their economy, the key underpinning of their national security?

Don't compare UAE with KSA. KSA's Aramco develops oil for other countries.

 

[ali_raza]

Why allah swt you have given this resource to arabs and iranians when we can utilize it better than both?

Time for jewab-e-shikwa from sir Allama Iqbal.

u r righr MR razpak but u see,what allah ahve given us i very unique.alhamdullillah we have vast un ending labour resource,we have one of the world biggest agricultural infrestructure,we have 4 seasons,also its a blessing on us that we can defend our self by our nukes,we have islam in our hearts,and the biggest of all,,,,,we have brains that many arabs dont have

 

[Developereo]

Why allah swt you have given this resource to arabs and iranians when we can utilize it better than both?

Not sure about that. Any Pakistani wealth would have been sucked dry by the feudals and the sardars. Look at the situation in Baluchistan where ordinary people have nothing to show for the province's wealth.

A good example is Norway. They have a lot of oil, but it's a democracy and they invest the money wisely, instead of handing out free checks to lull the people into complacency.

Don't compare UAE with KSA. KSA's Aramco develops oil for other countries.

I was only commenting on UAE. I hope Aramco has Saudi engineers in key positions, rather than just check-writing managers.