Al Dhafra Petroleum is a product of Joint Venture and Field Entry Agreement that was signed in 2012 between Abu Dhabi National Oil Company (ADNOC), Korea National Oil Corporation (KNOC) and GS Energy Group, where ADNOC owns 60% and KNOC and GS Energy share the remaining 40% under the representation of Korea Abu Dhabi Oil Corporation (KADOC) in the U.A.E. ADNOC & KADOC will jointly share the cost of the Al Dhafra Petroleum Operations Field Development. The 30 year agreement for development of two onshore concession blocks and one offshore concession block makes Republic of Korea the seventh foreign nation to develop Abu Dhabi crude.
Al Dhafra Petroleum Operations was officially established as an independent legal entity pursuant to the Amiri Decree issued by H.H Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, on December 10, 2013. Subsequently, H.E. Abdulla Nasser Al Suwaidi was appointed as the Chairman of the Board of Directors. The Board was constituted from members appointed from ADNOC & KADOC. The CEO, Shaheen Al Mansoori, together with the executive management team were appointed in the first quarter of 2014 to manage the business of the company. ​