KNOC withdraws from Sangaw South after investing $130m in exploration programme
State-run Korea National Oil Corporation (KNOC) will pull out of its eight-year Sangaw South exploration block in Iraqi Kurdistan.
The South Korean group pumped $130m into the exploration programme but will withdraw after deciding the block does not have the potential to make a profit.
KNOC took a 60 per cent stake in the block after signing a production-sharing agreement with the Kurdistan Regional Government (KRG) in 2008.
Sangaw South was one of five exploration blocks KNOC took on in Iraqi Kurdistan in 2008. Remaining interests include a 15 per cent stake in the Hawler block which is operated by Canadas Oryx Petroleum.
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