Korean Firms Join Oil Hunt in Iraqi Kurdistan

A Korean consortium has signed a deal to prospect for oil in Iraqi Kurdistan in northern Iraq. The Korea National Oil Corporation has signed an agreement with the Kurdish autonomous government to cooperate in developing the region’s Bazyan oil field.

Under the agreement, the Korean consortium will share profits from oil production, excluding development costs, with the Kurdish government. The Bazyan field is estimated to hold some 500 million barrels of oil.

The consortium consists of KNOC with a 38 percent stake, SK Energy (19 percent), Daesung (9.5 percent), Samchully (9.5 percent), Beuma (9.5 percent), UI Energy (5 percent), GS Holdings (4.75 percent) and Majuko Corporation (4.75 percent).

The partners will establish a contract to jointly manage the field by the end of the year and start preparation work for prospecting by opening a local office in January.