South Korea's state-run oil corporation said Wednesday it has agreed with its Chinese counterpart to jointly develop overseas oil resources.
The Korea National Oil Corp. (KNOC) said its strategic partnership with the China National Petroleum Corp. (CNPC) calls for cooperation in oil development projects and exchanges of technology and information.
"Under the agreement, the two companies will work together in places like Southeast Asia, Africa and Russia," said Lee Seung-woo, an official at the Ministry of Commerce, Industry and Energy. "An emphasis will be placed on cooperation in special oil resources including oil sands."
The companies are expected to set up a joint steering committee and a study group to discuss concerted efforts, he said.
The KNOC had control of 411 million barrels of oil as of 2005, with output reaching 46,200 barrels a day.
The CNPC, the top oil and gas company in China, secured 24.4 billion barrels equivalent worth of oil and gas as of 2005. It currently produces roughly 2.81 million barrels a day.
South Korea is actively seeking to win overseas oil and gas fields to protect itself from fluctuations in oil prices. It aims to raise the level of its overseas oil and gas production to 18 percent of all domestic needs by 2013 from 3.2 percent as of last year.
(C) 2007 Asia Pulse Pte Ltd.
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PS:
...Equator has signed PSCs entitling them to a 30% equity interest in two of the most prospective and highly sought-after deepwater blocks in West Africa today - OPL 323 and OPL 321 located offshore Nigeria. The Korean National Oil Corporation (KNOC) is the operator of both blocks with a 60% interest. The remaining interests in the blocks are held by local Nigerian companies...
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