State-run KNOC taps new oil reserve in Kazakhstan

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State-run KNOC taps new oil reserve in Kazakhstan

Korea’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.

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