Breaking News

South Korea to develop 8 oil fields in northern Iraq: SO HOW ABOUT INDONESIA'S ROLE IN IRAQI OIL FIELD???

06/25/08 14:38

Seoul (ANTARA News/Asia Pulse) - 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.