Seoul-South Korea plans to conclude a formal deal this year on development of three fields in the United Arab Emirates that are estimated to hold a combined 570 million barrels of crude, the energy ministry said September 19. In March, South Korea's state-run oil developer Korea National Oil Corporation signed an initial agreement with the UAE's Abu Dhabi National Oil Company on the joint development of three untapped oil fields, which can start production as early as 2013 with a daily output of 35,000 barrels.
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