South Korea Loses Kamchatka But Enters Texas

Following the announcement that Rosnedra, the federal subsoil agency within the Russian Natural Resources Ministry, has declined to award state-controlled Rosneft an extension for the Kamchatka Peninsula exploration licence, it has now been revealed that the Korean consortium in Kamchatka, led by Korea National Oil Corporation (KNOC), has also been notified of the cancellation of its licence as of its expiry date on August 1 2008.

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