SEOUL (Dow Jones Newswires), Aug. 13, 2009
South Korea's state-run oil developer Korea National Oil Corp. and Australia's Woodside Petroleum plan to conduct exploratory drilling in Block 8 and the northern part of Block 6-1 in the East Sea in early 2011, according to the Ministry of Knowledge Economy Thursday.
The two companies did preliminary exploration of the two blocks, covering 12,560 square kilometers, until June this year after having obtained the exploration right in February 2007, the ministry said in a statement.
After a detailed analysis, they have determined the possibility of discovering oil and gas is quite high and decided to proceed with the second phase of the project, which runs from August this year to August 2011. The third phase runs until February 2013, it said.
It's the first time a foreign company has joined an oil and gas block exploration project in the East Sea since the early 1990s, after Kirkland Resources of the U.K. pulled out in 1994 after failing to discover oil and gas.
Copyright (c) 2009 Dow Jones & Company, Inc.
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