TSXV:ART.H - Post by User
Post by
grodton Aug 09, 2010 11:00pm
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Post# 17336088
KNOC finds oil next door
KNOC finds oil next door
| Korean oil firm finds crude deposits in Iraq |
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Korea National Oil Corp. (KNOC) has recently discovered two crude deposits in northern Iraq, Yonhap News Agency reported Tuesday.
A source at the Ministry of Knowledge Economy, who declined to be identified, said exploratory drilling operations by KNOC struck oil in both the Bazian and Sangaw North fields, Yonhap said.
He said that the exact size of the crude reserves has yet to be determined with a formal announcement of the discovery to be made after consultation with local authorities.
Industry experts have predicted the chances of hitting oil deposits in northern Iraq are high since Canada's Heritage Oil discovered a large crude reserve in the Mirian West-1 structure, just 3 kilometers from Bazian.
The discovery marks the second time ever that the KNOC has found oil abroad after its success at the Ada field in Kazakhstan in 2006.
KNOC won exploration and development rights to the two fields in 2007.
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| jckim@koreaitmes.co.kr |