The state-run Korea National Oil Corp. has discovered a “significant amount” of oil in Hawler oil field, northern Iraq, where it has a 15 percent stake, the company said Wednesday.
Switzerland’s Oryx Petroleum has a 65 percent stake in the block, while the Kurdish local government holds the remaining 20 percent.
The KNOC did not disclose an estimate for the oil reserves in the block, saying a more comprehensive study was required for such figures.
But it added that a drill stem test had yielded around 10,000 barrels of oil per day.
Besides the investment in the Hawler oil field, the KNOC is taking part in two other exploration projects in Iraq, including the Bazian and Sangaw South mines.
(
jyseo@heraldcorp.com)
