The Korea National Oil Corporation has purchased a major stake in a Peruvian energy company that produces 20-thousand barrels of offshore oil and gas per day.
The Ministry of Knowledge Economy announced the state-run Korean oil firm has paid 450 million dollars for a 50-percent stake in Peru's Petro-Tech a deal which is expected to make Korea less dependent on imported crude oil. A Colombian company bought the other half of the Peruvian driller. Korea currently produces a combined 50-thousand barrels of oil and gas every day from operations in nine fields overseas and one at home.
The country's daily production volume will jump to about 63-thousand barrels following the buyout of Petro-Tech's 11 energy sites.
FEB 07, 2009
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Arirang Town
Wednesday, FEB 10, 2010, (KST) 
