KNOC discovers new oil field in Kazakhstan.

By bne IntelliNews November 29, 2011
The South Korean National Oil Corporation (KNOC) has discovered a new oil field in Kazakhstan. According to corporations representatives, the further reserves of oil amount to 11mn barrels. The oil field was found in the north-western part of the Aktyubinsk region. The oil field is being operated by the joint venture ADA Oil LLP, in which the KNOC has a 40% stake. The discovery brings fields total oil reserve to 41mn barrels. KNOC, which plans start additional exploration in 2012, hopes to secure an extra 17mn-42mn barrels of oil, the company said in a press statement. At present, ADA Oil LLP produces about 3,200 barrels of crude oil a day.

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