Korea to Buy Stake in Azeri Oil Field

Korean National Oil Company (KNOC) will buy 20% in Azerbaijan's undeveloped INAM oil project after Royal Dutch Shell cut its stake, an Azeri official told Reuters today.

Energy Minister Natik Aliyev told reporters the project in the Caspian Sea would remain under the leadership of BP which has a 25% stake with Azeri state oil company SOCAR maintaining its 50% stake.

INAM is now estimated to hold about two billion barrels of probable oil reserves.