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Korean National Oil Corporation (KNOC) Withdraws from Iraqi Kurdistan Oil Exploration Project

A spokesman for the company told Reuters that exploration results were “uneconomic.”

Korean National Oil Corporation (KNOC) has according to Reuters, immediately conclude its Sangaw South Oil Field in Iraqi Kurdistan. The project and the exploration results, were apparently, "uneconomic." KNOC has invested upwards of US$204 million based on their 60% stake on the exploration project in 2008.


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