S. Korean oil firm ups volume of Kazakh crude find

November 28. Universal Newswires

S. Korean oil firm ups volume of Kazakh crude findSouth Korean state energy explorer Korea National Oil Corp (KNOC) said Monday it has located a further 11 million barrels of oil at its Ada project in Kazakhstan.

The find brings the estimated crude reserve at the Ada oil field located in the northwest of the country as high as 42 million barrels, the Reuters news agency cited the firm as saying.

The prospect is producing 3,200 barrels of oil per day on test production, launched in July 2009.

Planned exploration in 2012 may result in the explorers further doubling the block’s estimated reserves, according to the company.

KNOC and LG International Corp have formed a South Korean consortium with 75 percent ownership of the block, while the remaining fourth is held by Kazakhstan’s Vertom company.

KNOC is currently developing seven more oil fields.

The company said in September it intended to raise production to 300,000 barrels in 2012 and triple that output by 2019.

KNOC and LG Corp joined the Ada project in 2005.