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South Korea to Develop Huge Oil Field in Russian Kamchatka

A South Korean energy development consortium said Thursday that it has found a potentially huge offshore oil deposit

A South Korean energy development consortium said Thursday that it has found a potentially huge offshore oil deposit in Russia's Kamchatka region.

The field of estimated reverves of 10.3 billion barrels is jointly controlled by South Korean oil developers (40%) and Russia's state-run oil company Rosneft (60%).

Of the stake held by South Korean companies, KNOC holds half, while the rest is shared by GS-Caltex Corp., SK Corp, Daewoo International Corp., Kumho Petrochemical and Hyundai Corp.

KNOC and the Ministry of Commerce, Industry and Energy, said that while an internationally accredited petroleum exploration company claimed the chances of a large oil field is likely, more concrete confirmation will be made in November.

The oil field, located on the Kamchatka Peninsula's continental shelf, covers 62,680 square kilometers, an area roughly two thirds the size of South Korea. The field is spread across relatively shallow waters of less than 300 meters.