The deal follows the culmination of efforts of the Natural Resources Authority (NRA) to promote open petroleum exploration areas in the Kingdom to the international oil companies.
Natural Resources Authority (NRA) director Mousa Alzyoud and Korea global petroleum president and CEO have signed the MoU agreement.
According to the terms of three-month MoU, the company will explore for oil and will hold negotiations with the government to conclude a production sharing agreement (PSA) to participate in oil exploration within the area.
The Korea Global Petroleum is a private company backed by the government of South Korea to work in the field of exploration and prospecting for natural resources, and it has extensive experience in the field of geological and geophysical studies as well as in seismic surveys.
