July 2006

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Korean Consortium Finds Oil in Caspian Sea

6 July 2006

The state-run Korea National Oil Corp. and LG International have found an oil field in Kazakhstan. The two found an oil field with estimated reserves of 20 million barrels in Aktobe in central Kazakhstan, KNOC said Thursday. It is located in an oil belt on the Caspian Sea. Korea and Kazakhstan each have a 50 percent stake in the field. The presumed deposits are worth about US$1.3 billion based on last month’s average price of benchmark Dubai oil of $65 per barrel. KNOC said there are three more prospective oil fields near the newly found one, and combined reserves of the four oil fields could amount to 170 million barrels. KNOC expects the cost of developing the field to be low since the oil lies only 500 m below the surface and the quality of the crude oil is high, with almost no impurities and water content of less than 5 percent. KNOC plans to start drilling next year. url:

http://english.chosun.com/w21data/html/news/200607/200607060040.html

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is a non governmental research and consultancy institute based in Tehran and aimed at promoting and undertaking scholarly studies regarding political, economic, social, cultural, environmental, and legal issues of the Caspian region. Founded in 1998 the institute seeks to build a comprehensive research and information centre capable of encouraging researchers and other interested parties to follow the multifaceted issues of the regional countries and bring new prospectives to the regional problems. The main areas of research are the countries bordering the Caspian Sea, with special focus on topics of common interest in the region.

The IICS endeavors to establish cooperation with similar international institutions all over the world especially in Russia, Kazakhistan, Azerbaijan and Turkeminstan to enhance studies on all aspects of the Caspian Sea. There are growing number of studies conducted by research and consultancy institutions outside the Caspian region that are eager to utilize local contributions and assessments in their work.

Korean Consortium Finds Oil in Caspian Sea