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A South Korean consortium won rights to develop a pair of oil fields off the coast of Nigeria, Yonhap news agency reported Sunday, citing South Korea's Ministry of Commerce, Industry and Energy.
SEOUL (AP)--A South Korean consortium won rights to develop a pair of oil fields off the coast of Nigeria, Yonhap news agency reported Sunday, citing South Korea's Ministry of Commerce, Industry and Energy.
The two sites are estimated to contain 2 billion barrels of crude oil, 2.5 times more than South Korea's 2004 annual oil consumption of 800 million barrels, Yonhap reported. The ministry couldn't immediately be reached to confirm the report.
Africa's largest oil producer began awarding new petroleum-exploration rights Friday. Early winners were Taiwan-based Chinese Petroleum Corporation, awarded an onshore field in the southern Niger Delta, and the local Northern Nigeria Development Company, which won rights to explore in two northeastern plots.
The South Korean consortium is led by state-owned Korea National Oil Corp., KEPCO and Daewoo Shipbuilding and Marine Engineering Co. (042660.SE), Yonhap said. They will hold a 65% stake, giving them operating control, the ministry said, according to Yonhap.
Other stakeholders are India's Oil and Natural Gas Corp. Ltd. and a Nigerian company, Yonhap said.
The consortium beat competitors including Exxon Mobil Corp. (XOM) (XOM) and Royal Dutch Shell PLC (RDSB.LN), the report said. The fields, designated OPL 321 and OPL 323, are believed to hold 1 billion barrels of oil each.
Resource-poor South Korea, the world's 11th-largest economy, imports almost all its oil.
(END) Dow Jones Newswires