KNOC drops Sangaw South Project

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.

(Source: Reuters)

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