Revista Brasileira de Tecnologia e Negócios de Petróleo, Gás, Petroquímica, Química Fina e Indústria do Plástico

Korean Cos to Sign Pacts Wed for 2 Oil Blocks in Yemen

Fonte: Dow Jones

Date: 30/05/2007 00:00

Two South Korean consortia led by Korea National Oil Corp., or KNOC, will sign final contracts Wednesday to explore and develop two oil blocks in Yemen, South Korea`s Ministry of Commerce, Industry and Energy said Tuesday.

A consortium comprising of KNOC, Samchully Co. (004690.SE), Daesung Industrial Co. (005620.SE) and GS Holdings Corp. (078930.SE) will explore Block 39, which is estimated to hold 500 million barrels of oil, the ministry said in a statement.

Another consortium comprising KNOC, Hyundai Heavy Industries Co. (009540.SE) and Hanwha Corp. (000880.SE), will explore and develop Block 4, which is estimated to hold 250 million barrels of oil, it said.

The South Korean consortium has a 95% stake in Block 39, while the remaining 5% is owned by Yemen Oil & Gas. South Korean companies own a 50% stake in Block 4, while Yemen Company For Investment In Oil & Minerals, or Yicom, holds the remaining 50%.

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