Korea National Oil Corp. (KNOC) announced on Oct. 17 that its U.K. subsidiary Dana found a reservoir with a large amount of gas in the Tolmount Block of the North Sea of the United Kingdom on Oct. 16.
KNOC estimates that the 73-meter-tall reservoir contains about 230 million cubic feet of gas equivalent to 38 million barrels of crude oil. "We will soon start a precise analysis to accurately calculate reserves," a KNOC official said.
Tolmount is an offshore mining area 50 km off the central coast of the United Kingdom. Dana and another British energy company, Premier Oil each have a 50 percent stake in the mining area. Dana acquired the exploration right to Tolmount in 2006. "The two companies began drilling in August and found the reservoir by drilling more than 3,200 meters deep by the beginning of this month," the KNOC official said.