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An offshore oil field in Russia that Korea and Russia are jointly developing is estimated to hold more than 10 billion barrels of oil, much higher than the previous projection of four billion.
A Korean consortium led by the state-run Korea National Oil Corporation owns 40 percent of the field in Kamchatka.
Russia's state-run oil company Rosneft has 60 percent of the field. Korean oil giants SK, GS Caltex and Daewoo International are part of the consortium.
Ten billion barrels of oil translates into an eleven-year supply for Korea at present oil demand levels.
Arirang News
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