Korea Gas Corp (Kogas) said on Tuesday that it will receive 500,000 barrels of crude oil on 15th December as “remuneration fees” and as a return on investment for helping develop Iraq’s Zubair oil field.
Kogas plans to sell the crude in the international market, according to a report from MarketWatch.
Its project partner, Occidental Petroleum (Oxy) will also receive 500,000 barrels.
Kogas and Occidental will likely keep receiving a combined 1 million barrels of crude for a while, with the next batch possibly coming in the first quarter of next year, a Kogas official said.
The amount of crude the companies get is expected to increase in the longer term as the field is fully developed.
(Source: MarketWatch, Reuters)