By John Lee.
The Korea National Oil Corporation (KNOC) is to withdraw from the Sangaw South oil field project in Iraqi Kurdistan.
A spokesman for the company told Reuters that exploration results were “uneconomic.”
A Korean consortium headed by KNOC holds 60 percent of the project, with half of that owned by KNOC.
KNOC has reportedly invested about $204 million on exploration and acquisition of the stake since 2008.