(Yonhap) - South KoreaРЋР‡s trading company LG Corp. and the nationРЋР‡s leading oil refiner SK Corp. will jointly explore an inland oil field in Kazakhstan, LG Corp. said Monday.
The two companies will have a 50-percent stake each in the project, said LG Corp., the trading arm of LG Group, in a regulatory filing, reports Trend.
The oil field, located in western Kazakhstan, is estimated to have deposits of 250 million barrels of oil, the company said.
The possibility of discovering oil in the field is high, because large oil fields with reserves of 20-30 billion barrels are located nearby, it said.
The companies will conduct a geological survey in the second half of this year and likely engage in drilling early next year, LG Corp. said.
РЋВ°We are participating in overseas resources development projects with the aim of getting more than 60 percent of our profits from resource exploration by the year 2010,РЋВ± an LG Corp. official said.