KNOC Raises Stake in Sangaw Block

By John Lee.

South Korea's state-run Korea National Oil Corporation (KNOC) has said it has acquired an additional 30 percent stake in the Sangaw South exploration block in Iraqi Kurdistan.

Platts reports that this doubles the company's stake in the block to 60 percent.

"KNOC plans to drill another exploratory well in Sangaw South next month," said a company official, who also declined to disclose the seller and financial value of the stake.

KNOC has been involved in three exploration projects in Iraq -- Hawler, Sangaw South and Bazian -- all in the Kurdish region. In 2012, it assigned its 20 percent working interest in the Sangaw North block back to the Kurdistan Regional Government (KRG).

(Source: Platts)

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