Korea National Oil Corp (KNOC) has said a joint oil exploration project involving South Korea’s state-run oil firm in Iraq has reported a new significant oil discovery at the Hawler minefield in the northern Kurdish region, Yonhap has reported. The Banan drill hole is the fourth exploration hole in the Hawler minefield, and it has successfully produced 4,320 barrels of light crude oil per day in a drill stem test that began in January, the company said. KNOC has a 15% stake in the exploration minefield with Oryx Petroleum owning a 65% stake. The remaining 20% stake is controlled by Iraq’s Kurdistan Regional Government. The Kurdish region is believed to hold nearly 450 million barrels of oil, about 30% of Iraq’s total oil reserves and enough to supply South Korea’s total consumption for 50 years.
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