State-run KNOC taps new oil reserve in KazakhstanKorea’s state-run oil company said yesterday it has discovered an additional oil reserve at one of its oil fields in Kazakhstan, further improving the profitability of the company’s whole Kazakh operation.
The Korea National Oil Corporation (KNOC) said an additional reserve of 11 million barrels was discovered at an oil field in northwestern Aktobe province. The oil field is owned by a joint venture, ADA Oil LLP, in which the Korean oil company has a 40 percent stake.
“In addition to 11 million barrels confirmed this time, the corporation expects to discover an additional reserve of 17 million to 42 million barrels at the ADA site,” it said in a press release.
More in Industry
Are you Taycan to me?
Facebook hit with $6 million penalty for customer data leak
Spinoff to give LG chairman's uncle his own conglomerate
Lotte companies make appointments earlier than usual
Doosan Heavy becomes largest shareholder of Doosan Fuel Cell