The Abu Dhabi Golf Club is providing a stern test for a strong field and the 36-year-old American picked up five birdies and two bogeys to join six other players on 139, one behind Italian Matteo Manassero (65) and Briton Gareth Maybin (70).
Also on five-under 139 after another sun-soaked day in the desert were British quartet Rory McIlroy (72), Richard Finch (71), Paul Lawrie (69) and Robert Rock (70), Swede Robert Karlsson (72) and Frenchman Jean-Baptiste Gonnet (71).
Early starter Olesen, 22, one of the European Tour's hottest young prospects, was dreaming of a maiden victory after stringing together seven birdies in the first 12 holes on the way to his five-under round.
"It was a bit of a shame to finish with a bogey six at the last but overall I played really well," he told Sky Sports.
"It's really difficult out there, when you hit it in the rough it's tough to get out. You really have to hit it in the fairway to get it close to the hole," added the Dane who had three second-place finishes in his rookie campaign last season.
Woods, beset by injuries and personal problems in the last two years, hinted he was getting his 'A game' back together by winning the Chevron World Challenge last month.
That victory in California came in a minor event against a lesser field but this week's tournament is laden with world-class talent, the lineup resembling a major championship more than a regular tour event.
"I thought I played well today," said late starter Woods. "I made a couple of putts here and there but it was tough out there.
"The greens are a little bit quicker, a little bit dryer and the rough seems to be getting deeper and more lush so it certainly puts a premium on driving the ball in the fairway."
Woods's game from tee to green was much the same as it was on Thursday when he fashioned two birdies and 16 pars.
Twenty four hours later, though, he showed a meaner streak on the greens.
"I got more committed to it," said Woods, referring to his putting. "Once I read the greens I thought I'd just play and trust it."
Woods's marquee three-ball with McIlroy and world number one Luke Donald was followed by one of the biggest galleries assembled at a tournament in the Middle East.
RULES BREACH
The fans had plenty to watch because where Woods was rock steady, McIlroy gave a spectacularly inconsistent performance and Donald seemed as though he was playing in as much sand as grass.
World number three McIlroy mixed six birdies with two bogeys and two double-bogeys, the most notable coming at the ninth where he committed a rules breach by using his hand to sweep sand away on the fringe of the green.
The 22-year-old Northern Irishman put it down to a lack of knowledge and a loss of concentration.
"Luke said, 'I don't think you can do that,' and then I was like, 'Oh no, I can't, can I?', and it turned a four into a six," explained McIlroy after incurring a two-shot penalty.
Triple major winner Padraig Harrington enjoyed a welcome return to form, shooting a 69 to join Spanish duo Sergio Garcia (69) and Jose Manuel Lara (70), U.S. Masters champion Charl Schwartzel (70) and Briton Richie Ramsay (71) on 140.
Lee Westwood, ranked second in the world, found it tough to cope with a niggling neck injury and could only manage a 72 for 144, level par while Donald (72) was on 143.
Germany's Martin Kaymer, winner here three of the past four years, missed the cut after the world number four carded a 73 for 150.
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