Korea to begin drilling for oil in UAE starting in 2017

Korea will begin drilling for oil in the United Arab Emirates in collaboration with a consortium that includes GS Energy.The Korea National Oil Corporation said Friday it will aim to extract up to 5-thousand barrels of crude oil per day starting in 2017,... eventually expanding that to 40-thousand by 2019.The state-run oil company formed the consortium with GS Energy three years ago to develop three oil fields in partnership with the UAE's state-owned Abu Dhabi National Oil Company.They have successfully extracted 18-thousand barrels of crude from the Haliba field on the Omani border last year.