KNOC discovers additional oil reserve in Iraq

Dec 09, 2013 12:00 AM

A joint oil exploration project involving South Korea's state-run oil company in Iraq has made another significant oil discovery in the Middle Eastern country, the company said Monday.

The discovery was made at the Hawler minefield in Iraq's northern Kurdish region, according to the Korea National Oil Corp. (KNOC).

"The Zey Gawra-1 drill hole that made the latest discovery is the third exploration hole in the Hawler minefield, and it has successfully produced 4,800 barrels of light crude oil per day in a drill stem test that began in October," the company said in a press release.

The first oil flow in the Hawler minefield was made in March when the KNOC and Switzerland's Oryx Petroleum jointly discovered some 600 million barrels of oil in estimated reserve. The second discovery was made just last month.

The KNOC has a 15-percent stake in the exploration minefield with Oryx Petroleum owning a 60-percent stake. The remaining 25-percent stake is controlled by Iraq's Kurdistan Regional Government.

The KNOC did not offer any estimates for the oil reserves in the Zey Gawra formation, noting an additional exploration hole to be drilled early next year may offer such figures.

It said the company, together with Oryx, will seek to begin commercial production of oil at the Hawler minefield early next year with over 10,000 barrels in daily production.

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