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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korean firm hits oil reserves in northern Iraq AFP - Tuesday, August 10 Send IM Story Print S.Korean firm hits oil reserves in northern Iraq SEOUL (AFP) - – South Korea's state-run petroleum company said Tuesday it has discovered crude oil reserves in two blocks it is exploring in northern Iraq. The Maeil Business Newspaper said the reserves in the Bazian and Sangaw North blocks in the Kurdistan autonomous region are estimated to total two billion barrels. But the Korea National Oil Corp (KNOC) said in a statement it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities. The Bazian block, in which a KNOC-led South Korean consortium has a 100 percent stake, holds an estimated 1.27 billion barrels, the newspaper said, quoting sources at KNOC and the Ministry of Knowledge Economy. Sangaw North, in which KNOC has a 20 percent stake, is believed to have 790 million barrels, it said. Under a production-sharing contract with Kurdistan, South Korea would have some 410 million barrels, it added. KNOC won exploration and development rights to the two fields in 2007 and started exploration in October. Canada's Heritage Oil has already discovered a large crude reserve just three kilometres from Bazian, Yonhap news agency said. The Iraqi central government has lodged a protest over KNOC's development of oilfields in Kurdistan and excluded it from its own oil development projects. Iraq's officially confirmed oil reserves are the world's fourth largest at about 115 billion barrels, according to the CIA World Factbook. Recommend Send IM Story Print Related Articles AgFeed Industries swings to quarterly loss; shares fall Reuters - 31 minutes ago India Petronet taps spot LNG mkt after 7 mths Reuters - 36 minutes ago FINANCIAL/MOVES (UPDATE 2) Reuters - 44 minutes ago US-BUSINESS Summary Reuters - 47 minutes ago Boeing assessing 787 manufacturing issues Reuters - 47 minutes ago News Search Top Stories US productivity dips for first time since 2008 WHO chief says swine flu pandemic is over Campbell's ex-agent lied to court: Taylor lawyer Saudi watchdog backtracks on BlackBerry ban Israel threatens to pull out of UN's Gaza probe More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier Visitors attack Taiwan 'haunted house' actors BP spends $6.1 bln on Gulf spill response Campbell's ex-agent lied to court: Taylor lawyer More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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