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S Korea to Send Delegation to Iraq This Week on Oil Devt

Source: www.gulfoilandgas.com 1/22/2007, Location: Middle East

A South Korean delegation will travel to Iraq this week to seek the support of the Kurdistan Regional Government for the participation of South Korean companies in oil development projects there, said the Ministry of Commerce, Industry and Energy Monday.

The delegation will consist of 14 government and private sector officials, including officials from the commerce ministry, Korea National Oil Corp., or KNOC, GS Caltex and SK Corp. (003600.SE).

The Kurdistan Regional Government rules over Iraqi Kurdistan, a region in Northern Iraq that has been relatively unscathed from the sectarian violence that has battered other parts of the country, including Baghdad.

Iraq is expected to hold international auctions this year offering 54 big oil blocks, said South Korea's commerce ministry.

Earlier this month, Iraq has completed drafting a hydrocarbons law that will allow foreign oil companies to start investing in Iraq's oil sector. The newly formed Iraqi National Oil Co., or INOC, will oversee the development of the country's underdeveloped hydrocarbons fields.

Iraq has the world's third-biggest proven oil reserves after Saudi Arabia and Canada, but only about 10% of the country has been explored, according to the U.S. Energy Information Administration.

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