An international consortium joined by Britain's South Korea-owned oil company Dana Petroleum plc has made a new oil discovery in Egyptian waters, the Korea National Oil Corp. (KNOC) said Thursday.The discovery marks the first successful search since South Korea's state-run company acquired the British oil firm in a hostile takeover earlier this year.
The well is located in the Gulf of Suez in Egypt, and is believed to hold a reserve of some 20 million barrels. It recorded a delivering flow rate of 1,343 barrels of oil per day during drill stem tests, according to KNOC.
"The successful discovery and stem tests by Dana Petroleum mark the first visible success of the company since KNOC's acquisition of the company where it was able to confirm the existence of oil at its first attempt," KNOC said in a press release.
Dana has a 65 per cent interest in the exploration project with the rest owned by Japan's Inpex Corp., it added.
Dana currently produces about 6,900 barrels of oil in Egypt alone, and is taking part in 52 exploration projects with prospective or estimated resources of more than 700 million barrels.
SOurce: Press release
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