Posted on 26 Jun 2008
South Korea to develop 8 oil fields in northern Iraq
South Korea's
state-run energy company said today that it has secured rights to explore and
development eight oil fields in northern Iraq that may hold enough crude to
supply the country for over two years.
The memorandum of understanding (MOU) signed between a local
consortium led by the Korea National Oil Corp. (KNOC) and Iraq's autonomous region of Kurdistan
could allow local energy companies to gain access to about 2 billion barrels of
untapped crude oil out of an estimated 7.2 billion barrels that may be in these
fields.
"Trial production should begin in about 3-4 years with
exploration likely to start in about two months," said Suh Moon-kyu,
KNOC's senior executive vice president.
