The aim of the agreement is to develop between 600 million and 800 million barrels of oil, equivalent to the 660 million barrels of oil that Seoul has already secured from overseas oil fields in which it has interests.

The Asian industrial giant has also secured an MOU with Kazakhstan on a separate uranium development project to provide fuel for the 19 nuclear plants responsible for around 40% percent of the country’s electricity.

Almost two thirds of South Korea’s oil currently comes from the Middle East.