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Korea Secures 1.9 Billion Barrels of Kurdistan Oil
26.6.2008
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June
26, 2008
ERBIL-HEWLER, Kurdistan region "Iraq", — A
Korean consortium led by the Korea National Oil
Corporation will develop a super-size oil field with
an estimated deposit of 1.9 billion barrels of oil
and build social infrastructure in Kurdistan
Autonomous Region in "northern Iraq". It looks as
though Korean businesses will after all take a brisk
part in Iraq's postwar reconstruction in the area.
According to the Ministry of Knowledge Economy on
Wednesday, Kurdistan Regional Government Prime
Minister Nechirvan Barzani and a senior executive of
the
KNOC officially signed a
contract on the development of eight
oil blocks and the sharing of oil production in
Erbil, the Iraqi Kurdistan's capital in the northern
Iraqi Kurdish region. |
Korea Secures 1.9 Billion Barrels of Kurdistan Oil |
As a result, the KNOC obtained the right to develop
two undeveloped blocks presumed to have oil deposits
and to take smaller stakes in six other blocks in
Kurdistan. The total estimated deposit in these
eight blocks is approximately 7.2 billion barrels,www.ekurd.net
of which the KNOC has
secured about 1.9 billion, the equivalent of two
years’ consumption for all of South Korea.
The KNOC said the Kurdish oil blocks are the largest
oil fields Korea has ever developed overseas. Test
production is to begin in three to four years.
The two sides also signed an agreement for a package
deal that includes crude oil development and social
infrastructure construction in the Kurdish region.
The SOC consortium will consist of seven Korean
construction companies, including Hyundai
Engineering and Construction, Ssangyong Engineering
and Construction, and Kolon Engineering and
Construction. They will build infrastructure worth
US$2.1 billion, including electrical works ($700
million) and water supply and sewers ($1.4 billion).
Copyright, respective author or news agency,
chosun com
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