FINANCIAL NEWS

KNOC unveils oil discovery in northern Iraq

11 Aug 2010

(MENAFN) Korea National Oil Corp (KNOC), South Korea’s state-run petroleum company, said that it has discovered crude oil reserves in two blocks it is exploring in northern Iraq, Reuters reported.

The company said in a statement that it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities.

The Bazian block, in which a KNOC-led South Korean consortium has a 100 percent stake, holds an estimated 1.27 billion barrels, the Maeil Business Newspaper said, quoting sources at KNOC and the Ministry of Knowledge Economy.

Sangaw North, in which KNOC has a 20 percent stake, is believed to have 790 million barrels, it said. Under a production-sharing contract with Kurdistan, South Korea would have some 410 million barrels, it added.

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