Companies / South Korea
KNOC To Buy Kazakhstan Oil Field Stake
October 2006 | Industry NewsSouth Korea's state-controlled Korea National Oil Corporation (KNOC) is to acquire a 25% stake in an oil field in Kazakhstan from fellow Korean resources company LG International. The Egizkara oil field, which has estimated reserves of 200mn barrels, is currently 50% owned by LG International, with the remaining 50% shared by multinational investors. The deal is expected to be completed in November but no terms were disclosed. BMI sees this move as evidence of the Korean government's drive towards reducing dependence on the Middle East and increasing oil self-sufficiency. We also see it as proof of the growing importance of
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