Korean company discovers oil field in Erbil
A North Korean company, known as ‘KNOC’ claims to have discovered a monumental oil field in Erbil. The company has not specified the amount of oil discovered. According to Yonhap, a Korean News Agency, the company intends to extract a limited amount of oil from the field for the time being with the cooperation of Orex Company of Swiss.
An initial test conducted by the company discloses that at least one million barrels of oil can be extracted per day. Erbil oil field is situated in Kawrgosk sub-district in Erbil province, from which the Orex Company of Swiss owns 65%, the Korean company owns 20%, and the rest is owned by Kurdistan Regional Government.