SKorean oil corporation finds new oil field in Kazakhstan
The South Korean National Oil Corporation (KNOC) has discovered a new oil field in Kazakhstan, Itar-Tass reported on Monday referring to the news agency.
According to KNOC representatives, the reserves of oil equal to 11 million barrels were additionally found at the oil field in the north-western part of the Aktyubinsk region. This oil field is operated by the joint venture ADA Oil LLP, 40 percent of the authorized capital of which belong to the South Korean corporation.
"Apart from these 11 million barrels, the availability of which has been confirmed, the company hopes to discover here from 17 to 42 million barrels," a press release issued by it says.
At present, the company ADA Oil LLP produces average 3,200 barrels of oil a day. On the territory of Kazakhstan, KNOC also participates in the development of another seven oil fields, four of which produce about 10,000 barrels a day.