facebook
twitter
rss
account
search
search
 

South Korean company finds oil in Iraq

March 27, 2013 at 6:38 AM   |   Comments

SEOUL, March 27 (UPI) -- South Korea's state-run oil company said it made a significant oil discovery in the Kurdish region of Iraq alongside its Swiss partners at Oryx Petroleum.

Oryx has a 65 percent interest in the Hawler field in the northern semiautonomous Kurdish region with the Korean National Oil Corp. The Kurdish government has a 15 percent interest in the field.

KNOC said it made a "significant" discovery in the Hawler field, South Korean news agency Yonhap reports. More work was needed to determine the reserve potential, though KNOC said it yielded 10,000 barrels of oil per day during initial testing.

The Kurdish government in December said production from the semiautonomous region could add at least $8 billion to the Iraqi treasury. It halted oil production in the past, however, because of political disputes with Baghdad.

The central government in Baghdad says working with the Kurdish government may be illegal.

The Iraqi government this month passed a budget without Kurdish leaders, who expressed frustration when the budget passed with $650 million for northern oil developments against the $3.5 billion they wanted.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
2
Corona Extra recalled due to glass particles in beer
3
Embraer refining KC-390 transport
4
Navy to test Lockheed Martin's FORTIS exoskeleton
5
Slovakia plants seed in Ukrainian gas sector
Trending News
Video
x
Feedback