KOREAN CONSORTIUM FINDS OIL IN CASPIAN SEA

Thursday, 06 July 2006

KOREAN CONSORTIUM FINDS OIL IN CASPIAN SEA

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By empty (7/6/2006 issue of the CACI Analyst)

The state-run Korea National Oil Corp. and LG International have found an oil field in Kazakhstan. The two found an oil field with estimated reserves of 20 million barrels in Aktobe in central Kazakhstan, KNOC said Thursday. It is located in an oil belt on the Caspian Sea. Korea and Kazakhstan each have a 50 percent stake in the field. The presumed deposits are worth about US$1.3 billion based on last month’s average price of benchmark Dubai oil of $65 per barrel. KNOC said there are three more prospective oil fields near the newly found one, and combined reserves of the four oil fields could amount to 170 million barrels. KNOC expects the cost of developing the field to be low since the oil lies only 500 m below the surface and the quality of the crude oil is high, with almost no impurities and water content of less than 5 percent. KNOC plans to start drilling next year. (chosun.com)

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