S. Korea Secures 1st Oilfield in Iraq

Fruits of supporting the American effort in Iraq:

S. Korea Secures 1st Oilfield in Iraq(The Korea Times)

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 the Kurdish-controlled region of Iraq.

According to KNOC Sunday, the consortium signed a contract in Irbil, 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.

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