A South Korean corporation has discovered a new oil reserve in Kazakhstan, ITAR-TASS reports.
The Korean National Oil Corporation (KNOC) has found 11 million barrels of oil reserves in the north-west of the Aktyubinsky District. It is exploited by ADA Oil LLP, a company where KNOC shares 40% of the charter capital.
The corporation expects to find 17-42 million barrels.
ADA Oil LLP extracts an average of 3,200 barrels of oil daily. KNOC is operating at 7 other oil fields, four of which extract about 10,000 barrels daily.
