Tuesday, 13 November 2007,
Korea National Oil Corporation (KNOC) has secured an oilfield
Reuters|koreatimes
The Korea National Oil Corporation has secured an oilfield.
A South Korean consortium led by the Korea National Oil Corporation (KNOC) has secured an oilfield with an estimated deposit of over 500 million barrels in Kurdistan autonomous region in 'northern Iraq'.
According to KNOC Sunday, the consortium signed a contract in Erbil, the capital of Kurdistan-Iraq, on exploration and production sharing of the Bazian oilfield with the Kurdistan Regional Government in the northeastern part of the Middle East country.
With the first-ever deal in Iraq, South Korea expects to set up a bridgehead to advance into the war-devastated country, which boasts the world's second-largest oil deposits.
Beside KNOC, which holds a 38-percent stake, several private energy development firms including, among others, SK Energy (19 percent) and Daesung, Samchully, Beuma (9.5 percent wach respectively) took part in the project.
Korea National Oil Corporation (KNOC) has secured an oilfield with an estimated deposit of over 500 million barrels in Kurdistan autonomous region in 'northern Iraq'.
Seated in the Zagros basin, the Bazian oilfield is located southeast of Irbil, where South Korean rehabilitation forces are stationed. South Korea deployed thousands of soldiers, largely medics and engineers, as part of the U.S.-led coalition in the Gulf country since 2004.
In January, KNOC signed a memorandum of understanding (MOU) with the Kurdistan Regional Government and implemented technical evaluations in a dozen exploratory oilfields there.
KNOC officials said the consortium would sign a contract among participating companies for the joint operation of the oilfield by the end of this year and set up an office there to make preparations for future exploration. www.ekurd.net
Currently, they added, the Bazian oilfield is estimated to have more than 500 million barrels of crude oil. But a more exact deposit will be calculated through future exploration activities scheduled up until 2010.
``We hope that we could secure a crucial bridgehead to advance into Iraq, which has the second-largest oil deposits, with the signing of the production sharing contract,'' a KNOC spokesman said.
In the meantime, the Kurdistan Regional Government has been actively pushing for oil exploration projects. It struck seven new petroleum contracts with firms from the United States, Britain and India and also approved five existing contracts last week.
According to KNOC Sunday, the consortium signed a contract in Erbil, the capital of Kurdistan-Iraq, on exploration and production sharing of the Bazian oilfield with the Kurdistan Regional Government in the northeastern part of the Middle East country.
With the first-ever deal in Iraq, South Korea expects to set up a bridgehead to advance into the war-devastated country, which boasts the world's second-largest oil deposits.
Beside KNOC, which holds a 38-percent stake, several private energy development firms including, among others, SK Energy (19 percent) and Daesung, Samchully, Beuma (9.5 percent wach respectively) took part in the project.
Korea National Oil Corporation (KNOC) has secured an oilfield with an estimated deposit of over 500 million barrels in Kurdistan autonomous region in 'northern Iraq'.
Seated in the Zagros basin, the Bazian oilfield is located southeast of Irbil, where South Korean rehabilitation forces are stationed. South Korea deployed thousands of soldiers, largely medics and engineers, as part of the U.S.-led coalition in the Gulf country since 2004.
In January, KNOC signed a memorandum of understanding (MOU) with the Kurdistan Regional Government and implemented technical evaluations in a dozen exploratory oilfields there.
KNOC officials said the consortium would sign a contract among participating companies for the joint operation of the oilfield by the end of this year and set up an office there to make preparations for future exploration. www.ekurd.net
Currently, they added, the Bazian oilfield is estimated to have more than 500 million barrels of crude oil. But a more exact deposit will be calculated through future exploration activities scheduled up until 2010.
``We hope that we could secure a crucial bridgehead to advance into Iraq, which has the second-largest oil deposits, with the signing of the production sharing contract,'' a KNOC spokesman said.
In the meantime, the Kurdistan Regional Government has been actively pushing for oil exploration projects. It struck seven new petroleum contracts with firms from the United States, Britain and India and also approved five existing contracts last week.
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