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KNOC-Iraq oil discovery

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(Globalpost/GlobalPost)

SEOUL, March 27 (Yonhap) -- A joint oil exploration project by South Korea's state-run oil company in Iraq has discovered "significant amounts" of oil in the Middle Eastern country's northern Kurdish region, the company said Wednesday.

The discovery was made at Hawler minefield, in which Switzerland's Oryx Petroleum has a 65-percent stake, according to the Korea National Oil Corp. (KNOC). The KNOC has a 15-percent stake in the exploration minefield with the remaining 20 percent owned by the Kurdish government.

The company did not disclose any estimates for oil reserve, saying a more comprehensive study was required for such figures.

Still, it said a drill stem test had yielded around 10,000 barrels of oil per day, which it said is a "significant amount."

Apart from the Hawler project, the KNOC is taking part in two other exploration projects in Bazian and Sangaw South mines, both in the Kurdish region.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130326/knoc-iraq-oil-discovery