16 Feb 2007

Korean company finds large oil reserve off Papua

10:36 am on 16 February 2007

The Korean National Oil Company (KNOC) has found some 671 million barrel of oil reserve in Wakam Block off Sorong regency, in Papua province.

The deputy head of the planning division in Indonesia's Upstream Oil & Gas Executing Body, Achmad Luthfi, says that the finding in 2006 would significantly add to national oil stocks.

The Antara news agency quotes Mr Achmad as saying KNOC has to carry out further study about the extent of the reserve to know the exact amount of oil it holds.

He says that if the oil reserve is confirmed, it will be larger than the reserve in Cepu Block in Central Java.