FINANCIAL NEWS

Korea Gas establishes Iraq subsidiary

21 Jun 2010

(MENAFN) An official at Korea Gas Corp. (KOGAS) said that South Korea’s state-run gas company has established a subsidiary to develop an oil field in Iraq, Reuters reported.

The KOGAS official said the subsidiary was established to reduce the burden of the development of the great oil fields such as Badra , which KOGAS owns 30 percent of the bloc whereas Russian Gazprom owns 40 percent , Petronas owns 20 percent and Tibiku owns 10 percent.

Conflict-Hit Iraq boasts the world?s largest endowed oil reserves, according to London-based Petrolog & Associates. Its proven reserves are 145.5 billion barrels ? one-quarter higher than published BP data of 115 billion barrels ? whilst probable reserves exceed 234 billion barrels.

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