Tag Archives | KNOC

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 […]

Korean Court Rejects Claim of KRG Bribery

The KRG's Ministry of Natural Resources (MNR) notes the decision by the Seoul Western District Court in Korea to grant an application from the Korean National Oil Company (KNOC) ordering the Korea Times newspaper to delete all published articles relating to allegations by a Korean MP of a misuse of funds by the KRG and […]

KRG Rejects Korean Corruption Claims

By John Lee. The Kurdistan Regional Government (KRG) has completely rejected what it calls "the false and malicious allegations of misuse of funds made against the KRG and the Minister of Natural Resources" by an opposition MP in the Republic of South Korea and which were published by the Korea Times. Korean MP Chun Soon-ok […]

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 […]

KNOC Reports Oil Discovery in Kurdistan

By John Lee. The South Korean news agency Yonhap reports that there has been a "significant" oil discovery in the Hawler field in Iraqi Kurdistan. State-run Korean National Oil Corporation (KNOC), which owns 20 percent of the field, said it yielded 10,000 barrels per day during initial testing. Swiss company Oryx Petroleum has a 65 […]

Sterling Energy Rises on Interim Management Statement

By John Lee. Shares in Sterling Energy were up more than 1% in early trading on Monday, following the publication of the company's interim management statement. Sterling made the following statement on operations in Iraqi Kurdistan: "The Company completed the acquisition of 117 km of 2D seismic data in the Sangaw North block in south […]

Sterling Energy Updates on Sangaw North

By John Lee. Sterling Energy Plc has announced the following updates in the Sangaw North Production Sharing Contract ("PSC") in Kurdistan: 2D Seismic Acquisition: The acquisition of 2D seismic data in the Sangaw North PSC, which commenced in July, has now been completed. 117 km of data was successfully acquired and is now being processed, […]

Korea's Posco Wins $700m KRG Power Contract

By John Lee. The KRG has signed contracts worth $700 million (840 billion Iraqi dinars) with South Korea’s Posco Engineering & Construction Company and the Korea National Oil Company (KNOC) to build a power station and tranformer. Posco will build the plants and KNOC will finance the projects in line with terms of its 2008 […]

Korea's SK joins Oil Auction after Kurd Oilfield Sale

Reuters reports that Iraq has allowed the privately-owned Korean firm SK Innovation to bid in its fourth energy auction, after the company sold its stake in the Bazian block in Kurdistan. The stake was sold to the state-owned Korea National Oil Corporation (KNOC), which was already barred from participating due to its stakes in both […]

Sterling Abandons Sangaw North, Shares Fall

Shares in Sterling Energy (AIM: SEY), the independent oil and gas exploration and production company with interests in Iraqi Kurdistan, closed the day down just 4% following a disappointing update on its operations at Sangaw North, in which it has a 53.33% working interest. The shares had opened the day down 33%. Flow testing operations […]

Heritage Oil - Preditor or Prey?

Rumours continue to fly regarding the fate of Heritage Oil (LSE: HOIL), the oil explorer with operations in Iraqi Kurdistan (pictured), which is said to be the target of takeover bid. The British Daily Mail newspaper reported last week that Malaysia’s state-owned oil and gas company, Petronas, was interested in the company, but Petronas denied […]