S. Korean firms to win drilling rights for Kazakh oil

A consortium led by state-run Korea National Oil Corp. is expected to win the right to drill at an oil field in the northern Caspian Sea off Kazakhstan, the Seoul-based Yonhap News Agency reported Monday.

S. Korean firms to win drilling rights for Kazakh oil
A consortium led by state-run Korea National Oil Corp. is expected to win the right to drill at an oil field in the northern Caspian Sea off Kazakhstan, the Seoul-based Yonhap News Agency reported Monday.

The consortium that includes South Korea's leading oil refiner SK Corp., Samsung Corp., and LG Corp. may start exploring oil in the Zhambyl block this year, according to the report. The consortium has a 27-percent stake in the field, which is estimated to hold oil reserves of at least 1 billion barrels, and will be able to secure as much as 50 percent of the resources from the field.

South Korea, the world's fourth-largest oil importer after the U.S., China and Japan, is seeking to increase investment in oil and gas sites in order to meet rising demand for energy.

Korea National Oil Corp. has a 35-percent stake in the consortium with the remainder owned by other private companies, it added.
Last Mod: 14 Mayıs 2007, 15:42
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