South Korea said on Sunday that Korea National Oil Corp (KNOC) had signed an 'unprecedented' oil deal with Abu Dhabi National Oil Company (Adnoc) for stakeholding in recoverable reserves of at least 1 billion barrels of oil.

This MoU is worth 110 trillion won ($97.68 billion) based upon current oil prices, the South Korean presidential office said in a statement.

The full details of the deal are still to be worked out and it will be concluded next year, the government said.

Separately state-run KNOC signed a contract with Adnoc to develop three onshore and offshore drilling areas in Abu Dhabi with a combined of 570 million barrels of 'discovered petroleum initially in place', the statement said.

It added these two deals would help the oil self-sufficiency rate of the world's fifth-largest importer to 15 percent from last year's 10 percent.

South Korea and Abu Dhabi through another MoU agreed to store six million barrels of Abu Dhabi crude oil in Korean storage facilities for free for strategic co-stockpiling and in emergency South Korea would be allowed to use it, the statement added.-Reuters